Australian Dollar: USD/AUD (AUD=X) Advances On Weak US Consumer Confidence & Despite A Dovish Dr Lowe
Australian CPI is released each quarter, magnifying the impact of each release. The indicator posted a gain of 0.6% in the second quarter, but is expected to tick lower to 0.5% in Q3. A reading which misses the forecast could push the Aussie to lower ground.
AUD/USD Technical Analysis
AUD/USD has posted gains on Monday and Tuesday. The pair has broken through resistance at 0.6840 in the Asian session. If the pair can sustain the upward movement, resistance at 0.6880 will be under pressure. There is a major support level at the round number of 0.6800. Note that the 50-EMA lies below the pair, which indicates an upward trend and is a bullish signal.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 0.69.
The projected lower bound is: 0.68.
The projected closing price is: 0.69.
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 25 white candles and 24 black candles for a net of 1 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 48.8480. 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 60.94. 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 buy 58 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 80. This is not a topping or bottoming area. The last signal was a sell 3 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 buy 13 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.003 at 0.686. Volume was 34% below average (neutral) and Bollinger Bands were 1% wider than normal.
Open High Low Close Volume___
0.684 0.687 0.683 0.686 43,038
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.68 0.68 0.70
Volatility: 7 7 8
Volume: 49,072 63,209 81,797
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 1.4% below its 200-period moving average and is in an upward trend. Volatility is low 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 7 periods.
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