Dollar’s selloff picked up again as year end approaches. While US stocks took a breath overnight, Asia markets ex-Japan is enjoying some solid buying for now. While Euro is strong against Dollar, it’s mixed against other European majors. Meanwhile, Canadian Dollar is clearly lagging behind Aussie and Kiwi in the current risk-on buying. Gold and oil remain range bound too.
Technically, EUR/USD’s break of 1.2272 resistance confirms up trend resumption. AUD/USD is not far behind in breaking 0.7639 resistance. One focus is on when USD/CHF would break through 0.8822 support to resumes down trend too. Another focus in the developments in USD/JPY, which suggests that near term recovery from 102.87 has completed. We might see a test on this low again soon…maybe next year.
In Asia, currently, Nikkei is down -0.57%. Hong Kong HSI is up 1.47%. China Shanghai SSE is up 0.80%. Singapore Strait Times is up 0.45%. Japan 10-year JGB yield is down -0.0032 at 0.023. Overnight, DOW dropped -0.22%. S&P 500 dropped -0.22%. NASDAQ dropped -0.38%. 10-year yield rose 0.002 to 0.935.
Euro/US Dollar Exchange Rate
Today’s Forex Rates
EUR/USD FX Polls
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.24.
The projected lower bound is: 1.22.
The projected closing price is: 1.23.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 2 black candles for a net of 5 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 78.6705. This is not an overbought or oversold reading. The last signal was a sell 6 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 70.59. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 6 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.004 at 1.229. Volume was 85% below average (consolidating) and Bollinger Bands were 15% narrower than normal.
Open High Low Close Volume 1.225 1.229 1.224 1.229 16,350
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.22 1.20 1.15 Volatility: 6 7 8 Volume: 110,360 111,743 109,380
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX EUR= is currently 6.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
Our volume indicators reflect volume flowing into and out of EUR= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on EUR= and have had this outlook for the last 38 periods. Our momentum oscillator is currently indicating that EUR= is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.