Australian Dollar: USD/AUD (AUD=X) finds support

Australian Dollar: USD/AUD (AUD=X) finds support

Australian Dollar: USD/AUD (AUD=X) finds support

The Australian dollar initially pulled back a bit during the trading session on Thursday, dipping slightly below the 50 day EMA. However, we bounced slightly, and I think this is indicative of what we are going to see, a slow and gentle grind lower.

This isn’t necessarily an indictment on the Australian dollar rather than an indictment on the US/China trade relations which seem to be going nowhere. With that in mind, it will continue to affect the Australian economy as they are such a valued trading partner with the Chinese.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 0.73.

The projected lower bound is: 0.71.

The projected closing price is: 0.72.

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 25 white candles and 24 black candles for a net of 1 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 47.3686. This is not an overbought or oversold reading. The last signal was a sell 2 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 55.69. 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 18 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 61. This is not a topping or bottoming area. The last signal was a sell 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 buy 9 period(s) ago.

Rex Takasugi – TD Profile

FOREX AUD= closed up 0.002 at 0.719. Volume was 6% below average (neutral) and Bollinger Bands were 13% wider than normal.

Open High Low Close Volume___
0.717 0.722 0.714 0.719 107,238

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 0.72 0.72 0.73
Volatility: 10 10 10
Volume: 110,615 114,726 107,430

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 1.8% below its 200-period moving average and is in an upward 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 bullish on AUD= and have had this outlook for the last 4 periods.

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