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Australian Dollar Outlook
The Australian dollar has fallen a bit during the trading session on Friday, only to turn around and form a bit of a hammer. At this point, it looks like we will continue to see a lot of buying pressure on dips, as this area underneath continues to be one that people pay attention to. With that, I like the idea of buying dips, and I realize that it is only a matter of time before the market participants come back in and push this thing to the upside. I see a lot of support down at the 0.71 handle, which is not only massive support but has the 50 day EMA crossing through it.
AUD/US Dollar Exchange Rate
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Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 0.70.
The projected upper bound is: 0.74.
The projected lower bound is: 0.72.
The projected closing price is: 0.73.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 31.0787. This is not an overbought or oversold reading. The last signal was a sell 4 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 57.55. 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 4 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 14. This is not a topping or bottoming area. The last signal was a sell 4 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.000 at 0.728. Volume was 89% below average (consolidating) and Bollinger Bands were 8% narrower than normal.
Open High Low Close Volume 0.727 0.729 0.727 0.728 9,945
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 0.73 0.71 0.67 Volatility: 11 10 15 Volume: 73,970 81,134 80,982
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 AUD= is currently 7.8% above its 200-period moving average and is in an upward 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 AUD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AUD= and have had this outlook for the last 34 periods.