The Aussie Dollar fell to below $0.93 within hours of the latest FOMC announcement from the Fed. Breach of support indicates another decline, with a target of $0.90*.
* Target calculation: 0.9330 – ( 0.9660 – 0.9330 ) = 0.9000
The monthly chart shows the Aussie has broken long-term support around $0.95, signaling a decline to $0.80*. Declining 13-week Twiggs Momentum below zero confirms a primary down-trend.
* Target calculation: 0.95 – ( 1.10 – 0.95 ) = 0.80
It is not just a stronger greenback, the Aussie is also falling against the crosses. Canada’s Loonie broke resistance at parity to the Australian Dollar, signaling a primary up-trend.
