Australian Dollar: USD/AUD (AUD=X) continues to see a bit of consolidation near the 0.6850 level
The Australian dollar has rallied a bit during the trading session on Friday, as we continue to see a bit of consolidation near the 0.6850 level. Remember, the Australian dollar is highly sensitive to the US/China trade situation, and it should be noted that Australia is one of the largest suppliers of raw commodities to the Chinese mainland.
With that being the case, the US/China trade situation and negotiations will continue to move the needle in this market, and overnight we had Chinese officials offering exemptions for purchases of soybeans and pork for domestic companies, in a sign that perhaps the Chinese don’t have the ability to be as hardline as once thought. Because of this, one would have to assume that we are moving closer to the so-called “Phase 1 deal”, that the markets are waiting for.
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: 0.68.
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 25 white candles and 25 black candles.
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 70.4795. This is not an overbought or oversold reading. The last signal was a sell 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 53.83. 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 87 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 79. This is not a topping or bottoming area. The last signal was a sell 0 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed down -0.000 at 0.683. Volume was 99% below average (consolidating) and Bollinger Bands were 44% narrower than normal.
Open High Low Close Volume___
0.683 0.684 0.683 0.683 386
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.68 0.68 0.69
Volatility: 6 7 7
Volume: 40,242 49,722 73,216
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 1.1% below its 200-period moving average and is in an downward 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 bearish on AUD= and have had this outlook for the last 13 periods.