{"id":5471,"date":"2012-09-14T17:36:23","date_gmt":"2012-09-14T21:36:23","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5471"},"modified":"2012-09-14T17:36:23","modified_gmt":"2012-09-14T21:36:23","slug":"forex-euro-pound-sterling-canadian-loonie-australian-dollar-and-japanese-yen-5","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/14\/forex-euro-pound-sterling-canadian-loonie-australian-dollar-and-japanese-yen-5\/","title":{"rendered":"Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen"},"content":{"rendered":"

The Euro broke out above its trend channel and resistance at $1.2750 on the daily chart to signal a primary up-trend. Recovery of 63-day Twiggs Momentum above zero confirms. Target for the advance is the 2012 high of $1.35*.<\/p>\n

\"Euro\/USD\"<\/p>\n

* Target calculation: 1.275 + ( 1.275 – 1.20 ) = 1.35<\/span><\/p>\n

Pound Sterling is correcting to support around \u20ac1.22 against the Euro. Breach of the rising trendline would warn that a top is forming, while retreat of 63-day Twiggs Momentum below zero would indicate a primary down-trend.<\/p>\n

\"Pound<\/p>\n

Canada’s Loonie is retracing to test the new support level after breaking above resistance against the greenback at $1.02.\u00a0 Breakout confirms the primary up-trend indicated by long-term bullish divergence on 63-day Twiggs Momentum. Target for the advance is $1.08*.<\/p>\n

\"Canadian<\/p>\n

* Target calculation: 1.02 +( 1.02 – 0.96 ) = 1.08<\/span><\/p>\n

The Aussie Dollar is testing resistance at $1.06 against the greenback. The 63-day Twiggs Momentum trough above zero signals a primary up-trend. Breakout above $1.06 would confirm.\u00a0 Expect resistance at $1.075\/$1.08, but target for an advance would be $1.10*.<\/p>\n

\"Aussie<\/p>\n

* Target calculation: 1.06 + ( 1.06 – 1.02 ) = 1.10<\/span><\/p>\n

I commented a few days ago that apart from a bad case of Dutch Disease —\u00a0 where capital inflows and increased revenues from resources projects drive up the exchange rate and harm other export industries — the Australian dollar is at risk of developing “Swiss Disease” — where flight to a safe haven currency also drives up the\u00a0 exchange rate, destroying local export industries. Professor Warwick McKibbin<\/a> has a point:<\/p>\n

“When a portfolio shift into Australian currency is observed, the exchange rate change should be completely offset so the shock only affects the money markets rather than the real economy. If the shock cannot be observed precisely then the central bank should \u201clean against the wind\u201d, that is intervene to slow down the extent of appreciation of the exchange rate.”<\/p><\/blockquote>\n

The RBA should be selling dollars to protect local export industries from rapid appreciation of the currency.<\/p>\n

The Aussie Dollar is headed for resistance at \u00a583.50 against the Japanese Yen. Recovery of 63-Day Twiggs Momentum above zero indicates a primary up-trend. Breakout would signal an advance to \u00a588*.<\/p>\n

\"Aussie<\/p>\n

* Target calculation: 84 + ( 84 – 80 ) = 88<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Euro broke out above its trend channel and resistance at $1.2750 on the daily chart to signal a primary up-trend. Recovery of 63-day Twiggs Momentum above zero confirms. Target for the advance is the 2012 high of $1.35*. * Target calculation: 1.275 + ( 1.275 – 1.20 ) = 1.35 Pound Sterling is correcting … <\/p>\n

Continue reading “Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[38,40,7,33,34],"tags":[287,560,1292,1935,2727],"class_list":["post-5471","post","type-post","status-publish","format-standard","hentry","category-africa-south-america","category-australia-nz-countries-regions","category-forex","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-aussie-dollar","tag-canadian-loonie","tag-euro","tag-japanese-yen","tag-pound-sterling"],"yoast_head":"\nForex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Euro broke out above its trend channel and resistance at $1.2750 on the daily chart to signal a primary up-trend. 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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.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1qf","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":5409,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/07\/forex-euro-pound-sterling-canadian-loonie-australian-dollar-and-japanese-yen-4\/","url_meta":{"origin":5471,"position":0},"title":"Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen","author":"Colin Twiggs","date":"September 7, 2012","format":false,"excerpt":"The Euro is headed for $1.275, unaffected so far by the announcement that the ECB will purchase government bonds in the secondary market. Expect strong\u00a0resistance at $1.275, reversal below the lower trend channel would warn of a correction. Pound Sterling is weakening against the euro, with a descending triangle testing\u2026","rel":"","context":"In "Africa & South America"","block_context":{"text":"Africa & South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5747,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/12\/forex-euro-recovers-aussie-sterling-test-support\/","url_meta":{"origin":5471,"position":1},"title":"Forex: Euro recovers, Aussie & Sterling weaken","author":"Colin Twiggs","date":"October 12, 2012","format":false,"excerpt":"The Euro is headed for another re-test of resistance at $1.32 and its descending trendline. Breakout would signal a primary up-trend. Recovery of 63-day Twiggs Momentum above zero strengthens the signal. Reversal below $1.26 is unlikely but would warn of another test of primary support at $1.20. * Target calculation:\u2026","rel":"","context":"In "Africa & South America"","block_context":{"text":"Africa & South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5356,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/30\/forex-euro-pound-sterling-canadian-loonie-australian-dollar-and-japanese-yen-3\/","url_meta":{"origin":5471,"position":2},"title":"Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen","author":"Colin Twiggs","date":"August 30, 2012","format":false,"excerpt":"A monthly chart shows the euro testing long-term support at $1.20 against the greenback. Recovery above the steeply descending trendline would indicate another test of the upper triangle border, while failure of support would indicate long-term re-alignment. Indications, from president Mario Draghi, that the ECB will further expand its balance\u2026","rel":"","context":"In "Africa & South America"","block_context":{"text":"Africa & South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5038,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/02\/forex-euro-pound-sterling-canadian-loonie-australian-dollar-south-african-rand-and-japanese-yen-2\/","url_meta":{"origin":5471,"position":3},"title":"Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar, South African Rand and Japanese Yen","author":"Colin Twiggs","date":"August 2, 2012","format":false,"excerpt":"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 \u20ac1.27\u2026","rel":"","context":"In "Africa & South America"","block_context":{"text":"Africa & South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5273,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/16\/forex-euro-pound-sterling-canadian-loonie-australian-dollar-and-japanese-yen-2\/","url_meta":{"origin":5471,"position":4},"title":"Forex: Euro, Pound Sterling, Canadian Loonie, Australian Dollar and Japanese Yen","author":"Colin Twiggs","date":"August 16, 2012","format":false,"excerpt":"The Euro is testing short-term support at $1.2250 on the daily chart. Recovery above $1.2400 would indicate another rally, while failure of support would test primary support at $1.2050. The primary trend is still downwards, but breach of the descending trendline means the primary down-trend is losing momentum and a\u2026","rel":"","context":"In "Africa & South America"","block_context":{"text":"Africa & South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5775,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/18\/forex-euro-pound-sterling-canadian-loonie-and-aussie-dollar\/","url_meta":{"origin":5471,"position":5},"title":"Forex: Euro, Pound Sterling, Canadian Loonie and Aussie Dollar","author":"Colin Twiggs","date":"October 18, 2012","format":false,"excerpt":"The Euro rallied off support at $1.28 and is headed for resistance at $1.32. Recovery of 63-day Twiggs Momentum above zero suggests a primary up-trend. Breakout above $1.32 would confirm, offering an immediate target of the 2012 high at $1.35. * Target calculation: 1.32 + ( 1.32 - 1.28 )\u2026","rel":"","context":"In "Africa & South America"","block_context":{"text":"Africa & South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5471"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5471\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}