Australian Dollar: USD/AUD (AUD=X) hit notable support level after recent declines
AUD/USD has continued its declines, with the pair hitting the lowest level in five months. The outlook for the day will depend on the reaction to this $0.6865 support level.
The hourly chart shows the move back towards trendline resistance, raising the likeliness of a further breakdown. To the upside, we would need to see a break through the $0.6906 swing high to bring about a more bullish view. Alternately, watch for a break back below $0.6865 to bring about a bearish continuation signal.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 0.69.
The projected lower bound is: 0.68.
The projected closing price is: 0.68.
During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 20 white candles and 28 black candles for a net of 8 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 6.4837. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 8 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 32.75. 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 21 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 -148.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 sell 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed unchanged at 0.685. Volume was 100% below average (consolidating) and Bollinger Bands were 7% narrower than normal.
Open High Low Close Volume___
0.685 0.685 0.685 0.685 163
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.69 0.70 0.71
Volatility: 5 7 9
Volume: 76,628 88,278 104,134
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 3.7% below its 200-period moving average and is in an upward trend. Volatility is low 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 8 periods.