Australia: S&P/ASX 200 (.AXJO) to open higher, $A drops

Australia: S&P/ASX 200 (.AXJO) to open higher, $A drops

Australia: S&P/ASX 200 (.AXJO) to open higher, $A drops

Australian shares are poised to lift, as Nasdaq powered higher on a tech rally. The $A retreated more than 1 per cent amid a widening difference in yield between the US and Australia. ASX futures were up 33 points at 6.30am AEST.

Today’s Agenda

Local data: RBA assistant gov Ellis speaks; NZ BusinessNZ manufacturing PMI for May

Overseas data: Bank of Japan policy meeting; Euro zone CPI for March final; US New York Empire manufacturing June, Industrial production May, University of Michigan consumer sentiment June

Overall, the bias in prices is: Sideways.

The projected upper bound is: 6,092.69.

The projected lower bound is: 5,951.10.

The projected closing price is: 6,021.89.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 48.3075. This is not an overbought or oversold reading. The last signal was a buy 12 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 48.57. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 21 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -1. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed down -6.900 at 6,016.600. Volume was 3% above average (neutral) and Bollinger Bands were 55% narrower than normal.

Open High Low Close Volume___
6,023.5006,033.7006,007.5006,016.600 596,375,808

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 6,024.48 5,983.40 5,929.96
Volatility: 8 8 10
Volume: 577,146,688 553,328,896 547,584,640

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.

Summary

S&P/ASX 200 is currently 1.5% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 10 periods.

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