Australian Dollar: USD/AUD (AUD=X) now testing monthly uptrend support

Australian Dollar: USD/AUD (AUD=X) now testing monthly uptrend support

Australian Dollar: USD/AUD (AUD=X) now testing monthly uptrend support

The Australian Dollar has is down more-than 0.3% against the US Dollar since the start of the week with Aussie now testing monthly uptrend support. These are the updated targets and invalidation levels that matter on the AUD/USD price charts.

In my latest Australian Dollar Price Outlook we noted that Aussie was approaching confluence resistance and to, “be on the lookout for possible exhaustion here but we’ll broadly favor fading weakness while above 6768…” AUD/USD reversed of confluence resistance at 6880 early in the week with the pullback now eyeing uptrend support at the 61.8% retracement near the 68-handle -note the highlighted trendline confluence just lower. Key resistance steady at 6880 with a breach / close above needed to fuel the next leg higher in price targeting 6927.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 0.68.

The projected upper bound is: 0.70.

The projected lower bound is: 0.68.

The projected closing price is: 0.69.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 white candles.

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 70.6743. This is not an overbought or oversold reading. The last signal was a sell 0 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 59.27. 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 62 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 96. 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 17 period(s) ago.

Rex Takasugi – TD Profile

FOREX AUD= closed down -0.003 at 0.688. Volume was 25% below average (neutral) and Bollinger Bands were 9% wider than normal.

Open     High      Low     Close     Volume___
0.691 0.692 0.688 0.688 47,844
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 0.69 0.68 0.70
Volatility: 6 7 8
Volume: 48,533 61,317 80,667

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 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 11 periods.

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