Home FX AUD Australian Dollar: USD/AUD (AUD=X) Continues To Grind Sideways

Australian Dollar: USD/AUD (AUD=X) Continues To Grind Sideways

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Australian Dollar: USD/AUD (AUD=X) Continues To Grind Sideways

The Australian dollar initially fell during trading on Monday, but then turned around to rally, only to give back gains again. Ultimately, the Australian dollar looks like it is essentially stuck in this area as there are a lot of questions as to what we are going to do going forward. Ultimately, the US/China trade situation has gotten better in the sense that we are not getting fresh tariffs over this past weekend. However, the path forward isn’t exactly clear. That will continue to weigh upon the Aussie dollar, and it’s likely that the Aussie dollar will show a little bit of lackluster behavior due to that. With that being the case, the market is likely to simply go back and forth, as traders don’t have a lot of faith.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 0.68.

The projected upper bound is: 0.69.

The projected lower bound is: 0.68.

The projected closing price is: 0.69.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 50.4785. This is not an overbought or oversold reading. The last signal was a sell 7 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 52.12. 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. (ERROR: Function did not return a value)

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 45. This is not a topping or bottoming area. The last signal was a sell 0 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 buy 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX AUD= closed down -0.004 at 0.685. Volume was 29% below average (neutral) and Bollinger Bands were 8% narrower than normal.

Open     High      Low     Close     Volume___
0.688 0.688 0.683 0.685 41,174
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 0.69 0.68 0.69
Volatility: 8 7 7
Volume: 47,105 49,113 71,955

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 0.9% below its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect moderate flows of volume out of AUD= (mildly bearish). Our trend forecasting oscillators are currently bullish on AUD= and have had this outlook for the last 2 periods.

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