Australian Dollar: USD/AUD (AUD=X) main trend is down
The main trend is down according to the daily swing chart. However, momentum is trending higher. The main trend will change to up on a trade through .7247.
The minor trend is up. This move triggered the shift in momentum to up.
The main range is .7394 to .6764. Its retracement zone at .7153 to .7079 is new support. Trading on the strong side of this zone is helping to generate the upside bias.
Daily Technical Forecast
Based on the early price action and the upside momentum, the first target is an uptrending Gann angle at .7244. Overtaking this angle will indicate the buying is getting stronger. This should lead to a test of the main top at .7247.
Overtaking .7247 will change the main trend to up with the next upside target the downtrending Gann angle at .7259. Look for sellers on the first test of this angle. It is also the trigger point for an acceleration to the upside with the next target angle coming in at .7327.
After inching higher for most of the session, turning lower today would signal the return of sellers. The nearest downside target is the major Fibonacci level at .7153.
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.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white 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 87.9121. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 11 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 59.77. 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 15 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 115.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 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 buy 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed down -0.000 at 0.721. Volume was 97% below average (consolidating) and Bollinger Bands were 6% wider than normal.
Open High Low Close Volume___
0.720 0.721 0.720 0.721 3,039
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.71 0.72 0.73
Volatility: 11 11 10
Volume: 94,551 114,115 106,764
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 1.6% 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 1 periods.