The Euro retreated from resistance at $1.24 to test support at $1.22. Downward breakout would test the 2010 low of $1.19. Declining 63-day Twiggs Momentum continues to indicate a strong down-trend.
* Target calculation: 1.23 – ( 1.27 – 1.23 ) = 1.19
Pound Sterling broke short-term support at €1.27 against the Euro, warning of a correction to €1.25. Respect of support at €1.25, however, would suggest a healthy up-trend.
Canada’s Loonie is testing parity against the greenback. Breakout would advance to $1.02. Recovery of 63-day Twiggs Momentum above zero would indicate a primary up-trend, while a break above $1.02 would confirm.
The Aussie Dollar retreated from resistance at $1.05*. Reversal below $1.045 would test the rising trendline but penetration below $1.03 is unlikely. Recovery of 63-day Twiggs Momentum above zero suggests a primary up-trend.
* Target calculation: 1.05 + ( 1.05 – 1.02 ) = 1.08
The Aussie Dollar respected support at R8.50 South African Rand before rallying to R8.75. Breakout is likely and would offer a target of R9.00*.
* Target calculation: 8.75 + ( 8.75 – 8.50 ) = 9.00
The Australian Dollar is consolidating mid-range (between ¥72 and ¥90) against the Japanese Yen. Breakout above ¥82.50 is likely and would test the upper range border, while reversal below ¥79.50 would test primary support. Recovery of 63-Day Twiggs Momentum above zero would strengthen the bull signal.
Hi I am new to this area of trading/investment. How ever I cannot find a reason why we should worry about the south African currency when we have more relationship with currencies such as Euro, China, etc. maybe you can unravel this delimmina i have.???
The same reason that I cover the GBPEUR cross: strong trends are good to trade.