Australian Dollar: USD/AUD (AUD=X) market fails to continue going higher without some type of catalyst

Australian Dollar: USD/AUD (AUD=X) market fails to continue going higher without some type of catalyst

Australian Dollar: USD/AUD (AUD=X) market fails to continue going higher without some type of catalyst

The Australian dollar has gone back and forth during the trading session on Thursday as Americans were away for Independence Day celebrations. That being said, we are at significant resistance so it’s not a huge surprise to see the market fail to continue going higher without some type of catalyst.

If we can break above the top of this candlestick though, it’s very likely that this market continues the breakout. All things being equal, it does look as if the Australian dollar is trying to do that but we may need to pullback in the meantime in order to do that.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 0.71.

The projected lower bound is: 0.69.

The projected closing price is: 0.70.

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 24 white candles and 25 black candles for a net of 1 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 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 76.0869. This is not an overbought or oversold reading. The last signal was a sell 4 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 59.57. 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 34 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 87. This is not a topping or bottoming area. The last signal was a sell 0 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 0.000 at 0.702. Volume was 99% below average (consolidating) and Bollinger Bands were 23% wider than normal.

Open High Low Close Volume___
0.702 0.702 0.702 0.702 1,089

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

Moving Averages: 10-period     50-period     200-period
Close: 0.70 0.70 0.71
Volatility: 7 7 9
Volume: 69,391 84,809 102,418

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 1.0% below its 200-period moving average and is in an upward trend. Volatility is 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 9 periods.

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