Australian Dollar: USD/AUD (AUD=X) massive amount of support below at the 0.70 level
The Australian dollar gapped higher at the open on Monday, breaking above the 50 day EMA in the process. Over the longer-term, we continue to see buyers in this market on short-term pullbacks, as there is a massive amount of support below at the 0.70 level.
With that being the case, I continue to buy this market on short-term pullbacks as the level has been so reliable and is visible on even the monthly time frames. That being the case, I don’t have any interest in shorting this market and I look at these pullbacks as buying opportunities.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,317.44.
The projected lower bound is: 6,130.05.
The projected closing price is: 6,223.75.
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 30 white candles and 20 black candles for a net of 10 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 73.6679. This is not an overbought or oversold reading. The last signal was a buy 2 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 61.31. 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 sell 16 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 135.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 2 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 16 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 36.300 at 6,217.000. Volume was 9% below average (neutral) and Bollinger Bands were 56% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,167.91 6,091.32 6,025.91
Volatility: 9 10 14
Volume: 659,841,024 670,110,848 609,629,056
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.
S&P/ASX 200 is currently 3.2% above its 200-period moving average and is in an downward 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 .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 7 periods.
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