Forex: Euro and Aussie Dollar meet resistance

By Colin Twiggs
November 21st, 2012 3:00 a.m. ET (7:00 p:m AET)

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The Euro respected resistance at $1.28 and another test of medium-term support at $1.265 is likely. Breach of support would indicate a correction to $1.23.

The Aussie Dollar likewise respected resistance, at $1.04. Follow-through below $1.03 would test primary support at $1.02/$1.015. Recovery above $1.04 is unlikely but would test $1.06*. Reversal of of 63-day Twiggs Momentum below zero would suggest a primary down-trend.

* Target calculation: 1.04 + ( 1.04 - 1.02 ) = 1.06

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