The Euro continues in a primary down-trend, with 63-day Twiggs Momentum respecting the zero line from below. Failure of medium-term support at $1.30 would indicate another test of primary support at $1.26. And breach of $1.26 would warn of a decline to $1.18*.
* Target calculation: 1.26 – ( 1.34 – 1.26 ) = 1.18
The rise above zero on 63-day Twiggs Momentum suggests that Pound Sterling commenced a primary up-trend. But respect of resistance at $1.60 indicates another test of $1.56. Respect of $1.56 would signal another advance, while failure would warn of a primary decline with a target of $1.46*.
* Target calculation: 1.53 – ( 1.60 – 1.53 ) = 1.46
The Greenback is retracing against the Japanese Yen after a strong rally. A short correction is likely and would signal another strong advance; breakout above ¥84 would offer a target of ¥88*. Respect of zero by 63-day Twiggs Momentum would confirm the primary up-trend.
* Target calculation: 84 + ( 84 – 80 ) = 88
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.
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