By Colin Twiggs
June 21st, 2012 12:30 a.m. ET (4:30 p:m AET)
These extracts from my trading diary are for educational purposes and
should not be interpreted as investment or trading advice. Full terms
and conditions can be found at Terms of Use.
The Euro is testing its new resistance level at $1.26. Respect would offer a target of $1.17*. Bullish divergence on 63-day Twiggs Momentum, however, warns that the down-trend is weakening; recovery above zero would suggest reversal to a primary up-trend. Breach of the descending trendline would strengthen the signal.
* Target calculation: 1.26 - ( 1.35 - 1.26 ) = 1.17
Pound Sterling displays a strong up-trend against the euro, again
testing resistance at €1.25. Breakout would signal an advance to €1.30*.
63-Day Twiggs Momentum oscillating high above zero indicates trend
strength.
* Target calculation: 1.26 + ( 1.26 - 1.22 ) = 1.30
The Greenback has corrected sharply against the Japanese Yen before
finding medium-term support at ¥78. Recovery above ¥80 (and the
descending trendline) would indicate that the correction is over, while
breach of support would test primary support at ¥75.50/76.50. The
long-term bullish divergence on 63-Day Twiggs Momentum continues to warn
of reversal to an up-trend.
* Target calculation: 84 + ( 84 - 78 ) = 90
Sharply falling crude oil prices
have weakened Canada's Loonie relative to the Aussie Dollar. Against
the greenback, the Loonie bounced of short-term support at $0.96 but
this is unlikely to last and we should expect a test of primary support
at $0.94/0.95. A 63-day Twiggs Momentum peak below zero would warn of a
primary down-trend.
* Target calculation: 0.96 - ( 0.98 - 0.96 ) = 0.94
The Aussie Dollar lifted along with commodity prices and is headed
for a test of $1.02 (USD). Upward breakout would signal an advance to
$1.08, while respect of resistance (and the descending trendline) would
warn of a decline to $0.90*. A 63-day Twiggs Momentum peak below zero
would strengthen the bear signal.
* Target calculation: 0.96 - ( 1.02 - 0.96 ) = 0.90
The Aussie Dollar is also headed for a test of resistance at R8.50
(South African Rand). Breakout would offer a target of R9.00*. Reversal
of 63-Day Twiggs Momentum below zero, however, would warn of a primary
down-trend.
* Target calculation: 8.50 + ( 8.50 - 8.00 ) = 9.00
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