Australian Dollar: USD/AUD (AUD=X) carving weekly opening-range just below technical resistance

Australian Dollar: USD/AUD (AUD=X) carving weekly opening-range just below technical resistance

Australian Dollar: USD/AUD (AUD=X) carving weekly opening-range just below technical resistance

AUD/USD has continued to trade within the confines of this ascending pitchfork formation extending off the October / November lows with daily resistance eyed at the median-line / 61.8% retracement at 6927 – a topside breach / close above is needed to validate a larger recovery targeting the January 2019 low-day close / 2020 open at 7005/16. Daily support rests with the 50% retracement at 6851 with a break below 6809 needed to put the bears back in control.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 0.70.

The projected lower bound is: 0.68.

The projected closing price is: 0.69.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 black candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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.

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 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 60.7144. This is not an overbought or oversold reading. The last signal was a buy 1 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 50.22. 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 8 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 -56. This is not a topping or bottoming area. The last signal was a buy 2 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 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX AUD= closed up 0.000 at 0.690. Volume was 5% above average (neutral) and Bollinger Bands were 10% wider than normal.

Open     High      Low     Close     Volume___
0.690 0.691 0.688 0.690 53,646
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 0.69 0.69 0.69
Volatility: 8 7 8
Volume: 49,444 45,740 66,557

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 0.2% above its 200-period moving average and is in an upward trend. Volatility is high 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 22 periods.

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