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Australian Dollar: AUDUSD Heading Lower

$AUD #FX #Currency #Australian #Dollar $AUDUSD

The Australian dollar versus the United States dollar currency pair appears to have some trouble heading towards the north. Is this a sign of a bearish comeback?

Long-term perspective

The appreciation that started from the 0.7501 low, after the level of 0.5516 was validated as support, managed to pass the important resistance area defined by the level of 0.6386 and the downward trendline. This aided the extension of the appreciation until the 0.7041 high.

However, even if the ascending trendline supported the price for as long as attainable, the appreciation appears to be out of power, as the rally attempts were either turned in their tracks or decelerated.

As a result, the ascending trendline was pierced. Noteworthy is to say that this happened after the price was, yet again, turned away from the 0.7010 firm level.

In this case, the bears may be entitled to believe that it is their turn to drive the market. So, if they send the price to the 0.6873 intermediary level, then they would have won the first battle.

But for an actual trend change to occur, they need to validate 0.6873 as resistance. If this happens, then the 0.6722 level is their next stop. This might also be an area from where the bulls could begin a comeback.

If 0.6722 does cede, then the bears will put the 0.6386 level as their main destination, at least for the time being. On the flip side, if the bulls do manage to conquer and validate 0.7010 as support, then the 0.7191 level would serve as their target.

AUD/US Dollar Exchange Rate

Today’s Forex Rates

Euro/US Dollar FX Polls

Economic Events

Technical Indicators

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

The projected upper bound is: 0.71.

The projected lower bound is: 0.68.

The projected closing price is: 0.70.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 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 52.6108. This is not an overbought or oversold reading. The last signal was a sell 3 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 61.12. 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 22 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 82. 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 21 period(s) ago.

Rex Takasugi – TD Profile

FOREX AUD= closed up 0.002 at 0.697. Volume was 54% below average (consolidating) and Bollinger Bands were 69% narrower than normal.

Open     High     Low     Close     Volume
0.695    0.698    0.694   0.697     46,565
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period    50-period      200-period
Close:           0.69         0.68           0.67
Volatility:      6            14             15
Volume:          77,641       94,132         74,329

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

FOREX AUD= is currently 4.4% above its 200-period moving average and is in an downward 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 AUD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on AUD= and have had this outlook for the last 1 periods.

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