Australian Dollar: USD/AUD (AUD=X) Investors Eye Confidence Reports
NAB Business Confidence will be released today, followed by Westpac Consumer Sentiment on Wednesday. As well, Chinese CPI, which will be published on Tuesday, could affect the pair.
There were plenty of Australian events last week, and the Aussie responded with sharp gains of 1.6%, its strongest weekly performance since last September. Key data was a mix, as GDP for Q2 posted a strong gain of 0.5%, while retail sales fell by 0.1%. As expected, the RBA held the benchmark rate at 1.0%. RBA Governor Philip Lowe said that it was reasonable to expect rates to stay at low levels, which means that the Australian dollar is unlikely to get any help from the RBA in the form of higher interest rates.
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: 0.69.
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 21 white candles and 29 black candles for a net of 8 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 91.3555. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 23 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 60.41. 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 22 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 181.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 4 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 16 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.002 at 0.686. Volume was 27% below average (neutral) and Bollinger Bands were 29% narrower than normal.
Open High Low Close Volume___
0.683 0.688 0.683 0.686 56,579
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.68 0.69 0.70
Volatility: 7 8 9
Volume: 74,856 68,230 91,017
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 2.2% 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 1 periods.
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