The Aussie Dollar encountered support at $1.03, evidenced by several long tails on the daily chart. Recovery above $1.045 would confirm that the correction has ended and would signal another advance to $1.08. Respect of zero by 63-day Twiggs Momentum would confirm the advance.
The Aussie is declining against the South African Rand. Failure of support at R7.90/R8.00 would test the rising trendline around the R7.50 mark. Breach of the trendline and/or follow-through of 63-day Twiggs Momentum below zero would warn of a primary down-trend.
* Target calculation: 8.00 – ( 8.50 – 8.00 ) = 7.50