By Colin Twiggs
July 5th, 2012 9:30 p.m. ET (11:30 p:m AET)
The Euro broke support at $1.25 before falling sharply through $1.24, warning of another decline. Narrow consolidation below the new resistance level is a bearish sign. Follow-through below $1.23 would offer a target of $1.20.
Pound Sterling broke resistance at €1.25 against the Euro, offering a target of €1.28.
* Target calculation: 1.25 + ( 1.25 - 1.215 ) = 1.285
Canada's Loonie is strengthening against the US Dollar on the back of rising oil prices. Expect another test of $1.02.
The Aussie Dollar threatens to break down from its recent flag formation. Failure of support at $1.025 would suggest a test of $1.01.
The Aussie Dollar continues to range between ¥72 and ¥90 Japanese Yen. Dips are getting shorter and range traders may need to move their base to ¥75.
Against the South African Rand, the Aussie Dollar is testing resistance at R8.50. Breakout would offer a target of R9.00. Narrow consolidation above R8.30 would be a bullish sign.
* Target calculation: 8.50 + ( 8.50 - 8.00 ) = 9.00
What you get by achieving your goals is not as important as what you become by achieving your goals.
~ Zig Ziglar