Tag: Aussie dollar

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Forex: Australia and Canada

Falling crude oil and commodity prices are likely to depress resource-rich currencies. Canada’s Loonie found support at $0.97 but 63-Day Twiggs Momentum below zero warns of a primary down-trend. Failure of $0.97 is likely and would test the primary level at $0.94/0.95.

Canadian Dollar

* Target calculation: 0.95 – ( 1.01 – 0.95 ) = 0.89

The Aussie Dollar is testing primary support at $0.96/0.97. Declining 63-day Twiggs Momentum (below zero) warns of a primary down-trend. Failure of support at $0.96 would offer a long-term target of $0.84*.

Aussie Dollar

* Target calculation: 0.96 – ( 1.08 – 0.96 ) = 0.84

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Forex: Aussie Dollar and South African Rand

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.

Aussie Dollar/USD

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.

Aussie Dollar/South African Rand

* Target calculation: 8.00 – ( 8.50 – 8.00 ) = 7.50

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Forex: Canadian Loonie and Aussie Dollar

Canada’s Loonie continues its narrow consolidation, having withstood falling crude oil prices over the last two weeks. 63-Day Twiggs Momentum holding above zero indicates a primary up-trend. Breakout above $1.01 would signal a primary advance to the 2011 high of $1.06*. Failure of support at $0.995 is less likely but would warn of a correction to primary support at $0.95.

Canadian Loonie

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

Weaker commodity prices are dragging the Aussie Dollar lower. On the weekly chart we can see the Aussie testing medium-term support at $1.02. Respect of the zero line by 63-day Twiggs Momentum suggest a strong up-trend. In the longer term, breakout above $1.085 would offer a target of $1.20*.

Aussie Dollar

* Target calculation: 1.08 + ( 1.08 – 0.96 ) = 1.20

On the daily chart, the Aussie Dollar is testing resistance at $1.045. Breach of its descending trendline indicates that the correction has weakened. Recovery above $1.045 would indicate the start of a fresh advance to test the 2012 high of $1.085.

Aussie Dollar

The Aussie Dollar is also retracing for another test of support against the South African Rand — at R7.90/R8.00. Momentum has fallen sharply and failure of support would warn of a correction to the long-term ascending trendline, around R7.50.

Aussie Dollar/South African Rand

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Forex: Canadian Loonie and Aussie Dollar

Canada’s Loonie continues its narrow consolidation between $0.995 and $1.01 but falling crude prices warn that a correction is likely. Breakout below $0.995 and reversal of 63-day Twiggs Momentum below zero would both signal a correction. Upward breakout is currently unlikely but would signal a primary advance to $1.06*.

Canadian Loonie

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

On the daily chart, the Aussie Dollar found short-term support at $1.025 and is now rallying to test resistance at $1.045. Respect would indicate continuation of the correction, with a target of parity. Weaker commodity prices increase the likelihood of a strong correction. Reversal of 63-day Twiggs Momentum below zero would strengthen the signal.

Aussie Dollar

* Target calculation: 1.02 – ( 1.04 – 1.02 ) = 1.00

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Forex: CAD, AUD, ZAR

Canada’s Loonie continues a narrow consolidation below $1.01, suggesting an upward breakout in response to higher oil prices. Recovery of 63-day Twiggs Momentum above zero indicates a primary advance. Target for the advance would be the 2011 high of $1.06. Breach of the rising trendline is unlikely, but would warn of reversal.

CAD/USD

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

The Aussie Dollar reflects broader weakness in commodities. Breach of the rising trendline would warn of a decline to test primary support at $0.96, while respect would indicate another test of $1.08 — and suggest an upward breakout.

AUD/USD

Against the South African Rand, the Aussie Dollar continues to test support at R8.00. Narrow consolidation suggests a downward breakout and test of the long-term trendline at R7.50. Reversal of 63-day Twiggs Momentum below zero would warn of a primary down-trend.

AUD/ZAR

* Target calculation: 8.00 – ( 8.50 – 8.00 ) = 7.50

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Forex: Australia, Canada and South Africa

A stronger greenback and weaker commodity prices are likely to depress resource-rich currencies. Canada’s Loonie stood up surprisingly well, mainly because of rising crude oil prices. 63-Day Twiggs Momentum recovered above zero, indicating a primary up-trend. Breakout above $1.01 would strengthen the signal, offering a target of the 2011 high at $1.06.

Canadian Dollar

* Target calculation: 1.01 + ( 1.01 – 0.95 ) = 1.07

The Aussie Dollar weakened along with commodity prices. Failure of support at $1.04 would warn of a correction to primary support at $0.96. Penetration of the rising trendline and reversal of 63-day Twiggs Momentum below zero would strengthen the signal.

Aussie Dollar

The Aussie Dollar found support at R8.00 South African Rand. Expect a rally to test the upper range border at R8.50, but failure of support would test the long-term trendline at R7.50*. Penetration of the trendline and/or reversal of 63-Day Twiggs Momentum below zero would warn of a primary down-trend.

Aussie Dollar/South African Rand

* Target calculation: 8.00 – ( 8.50 – 8.00 ) = 7.50

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Aussie Dollar, Canadian Loonie and commodities

The CRB Commodities Index retreated from resistance at 325. Failure of medium-term support at 310 would signal a test of primary support at 295. Respect of the zero line (from below) by 63-day Twiggs Momentum indicates continuation of the primary down-trend.

CRB Commodities Index

Lower commodity prices weakened the Aussie Dollar, with a fall below $1.06 warning of a correction to the long-term (green) rising trendline. 63-Day Twiggs Momentum remains strong, however, and recovery above $1.08 would confirm a primary up-trend.

Aussie Dollar

Canada’s Loonie was helped by rising crude prices and recovery above $1.01 would confirm the primary advance to $1.06*.

Canadian Loonie

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

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Forex: Aussie Dollar, Canadian Loonie and South African Rand

The Aussie and Canadian Dollar mirror the CRB Commodities Index, testing resistance at their long-term highs. The Aussie encountered resistance at $1.08. Breakout would confirm a primary up-trend — already signaled by 63-day Twiggs Momentum above zero.

Aussie Dollar

* Target calculation: 1.08 + ( 1.08 – 0.96 ) = 1.20

Canada’s Loonie is similarly testing resistance at $1.01. Breakout would offer a target of $1.06*.

Canadian Loonie

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

The South African Rand is fairing slightly better, with the Aussie testing medium-term support at R8.00. Failure would warn of a correction to the long-term rising trendline at R7.50.

South African Rand

* Target calculation: 8.00 – ( 8.50 – 8.00 ) = 7.50

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Forex: Euro slides on Greek turmoil

The euro retreated below $1.32 USD; failure of support at $1.30 would indicate another test of primary support at $1.26. And breakout below primary support would signal a decline to $1.20*.

Euro

* Target calculation: 1.26 – ( 1.32 – 1.26 ) = 1.20

Pound Sterling is retreating on the weekly chart. Respect of the zero line by 63-day Twiggs Momentum warns of another test of primary support at $1.53.

Pound Sterling

Canada’s Loonie respected resistance at $1.01 and is likely to re-test its rising trendline. Recovery above $1.01 is uncertain but would signal a primary up-trend.

Loonie

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

The Aussie Dollar similarly respected resistance at $1.08 and is likely to test medium-term support and the rising trendline at $1.04. Breakout above $1.08 would indicate a primary up-trend; confirmed if 63-day Momentum respects the zero line (from above).

Aussie Dollar

* Target calculation: 1.08 + ( 1.08 – 0.96 ) = 1.20

The US Dollar found support at R7.50 South African Rand. A rally that respects the descending trendline, however, would warn of continuation of the primary down-trend. Fall of 63-day Twiggs Momentum below zero would strengthen the bear signal.

US Dollar/South African Rand

The greenback is strengthening against the Japanese Yen. Breach of the descending trendline indicates that a bottom is forming. And breakout above ¥80 would signal the start of a primary up-trend — confirming the long-term bullish divergence on 63-day Twiggs Momentum.

Japanese Yen

* Target calculation: 80 + ( 80 – 76 ) = 84

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Forex: EUR, AUD and CAD

The euro respected resistance at $1.32 in December, confirming a primary decline to $1.22*. Falling 63-day Twiggs Momentum strengthens the signal.

Euro: EURUSD

* Target calculation: 1.32 – ( 1.42 – 1.32 ) = 1.22

Canada’s Loonie broke its descending trendline to suggest a base is forming, as oil prices strengthen. Breakout above $1.01 would indicate a primary advance to the August 2011 high of $1.06.

Canadian Dollar: CADUSD

* Target calculation: 1.01 + ( 1.01 – 0.95 ) = 1.07

The Aussie Dollar is also strengthening. Breakout above $1.04 would signal another attempt at $1.075. In the long-term, breach of $1.075 would signal a primary advance to 1.20*.

Australian Dollar: AUDUSD

* Target calculation: 1.08 + ( 1.08 – 0.96 ) = 1.20

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