By Colin Twiggs
August 16th, 2012 3:30 a.m. ET (5:30 p:m AET)
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 bottom is forming. Failure of primary support is unlikely but would warn of another down-swing, with a target of $1.185.
Canada's Loonie is headed for a test of resistance against the
greenback at $1.02. Bullish divergence on 63-day Twiggs Momentum on the
weekly chart suggests a primary up-trend; confirmed if resistance at
$1.02 is broken.
Shallow retracement of the Aussie Dollar against the greenback
suggests trend strength. Recovery above $1.06 would indicate an advance
to $1.075. Breakout above $1.075/$1.08 would offer a long-term target of
$1.20* but RBA intervention, to protect local industry, could be a
factor.
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August 16th, 2012 3:30 a.m. ET (5:30 p:m AET)
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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 bottom is forming. Failure of primary support is unlikely but would warn of another down-swing, with a target of $1.185.
* Target calculation: 1.215 - ( 1.245 - 1.215 ) = 1.185
Pound Sterling found support at €1.255 against the Euro before
rallying to €1.28. Narrow consolidation between €1.27 and €1.28 suggests
continuation of the rally. Breach of resistance at €1.29 would signal
an advance to €1.315*. Rising 63-day Twiggs Momentum reflects a strong
primary up-trend.
* Target calculation: 1.045 + ( 1.045 - 1.015 ) = 1.075
The greenback found support at ¥78 against the Japanese Yen. Rising
Twiggs Momentum and penetration of the descending trendline both warn
that a bottom is forming. Recovery above ¥80.50 would complete a double
bottom reversal, suggesting an advance to ¥84.
* Target calculation: 81 + ( 81 - 78 ) = 84
The Aussie Dollar broke medium-term resistance at ¥82 against the
Japanese Yen, headed for a test of the upper range border at ¥88/¥90.
Rising 63-Day Twiggs Momentum and recovery above zero suggest a primary
up-trend as the Aussie Dollar attracts capital inflows.
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Lampis the shipowner, on being asked how he acquired his wealth,
answered: "With no difficulty, my great wealth; but my first gains, with
much effort."
~ Epictetus: Enchiridion
~ Epictetus: Enchiridion
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