Australian Dollar: USD/AUD (AUD=X) heats up today with major releases coming
– AUD rises as building approvals surge eases housing concerns.
– Building approvals rise by 6.4% in June, sidelining fears of collapse.
– But housing market activity may still slow further during months ahead.
After a slow start to the week, the economic events calendar begins to heat up today.
Bloomberg claimed that American officials were going to meet their Chinese counterpart later this week to discuss trade relations and possibly defuse a possible trade war. The Aussie reacted positively to this development amid Australia’s economic ties with China.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 0.75.
The projected lower bound is: 0.73.
The projected closing price is: 0.74.
A black body occurred (because prices closed lower 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 24 white candles and 26 black candles for a net of 2 black candles.
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.
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 54.3335. This is not an overbought or oversold reading. The last signal was a sell 15 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 50.62. 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 60 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 108.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 15 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 20 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed down -0.000 at 0.742. Volume was 97% below average (consolidating) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume___
0.743 0.743 0.742 0.742 2,837
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.74 0.75 0.77
Volatility: 11 10 9
Volume: 95,520 101,520 92,788
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 3.1% below 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 3 periods.
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