Australian Dollar: USD/AUD (AUD=X) positive outlook to come the SoMP
The AUD/USD is trading just below the major level at 0.7300, after a sharp run-up from where we’ve been recently.
We traded nearly at the 0.7000 level, but since that point, the buyers have come thick and fast.
The channel that we have been in all year, has now been broken as well. That is technically a bullish setup, but picking the point at which we were to breakout was easier said than done.
I’ll be watching the AUD/USD closely over the next 24 hours as we might just see some more upside, if both the USD breaks support and we get a hawkish SoMP.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 0.74.
The projected lower bound is: 0.71.
The projected closing price is: 0.73.
A black body occurred (because prices closed lower 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 27 white candles and 23 black candles for a net of 4 white candles.
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 84.7707. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 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 61.64. 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 131 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 123.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 22 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 18 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed down -0.002 at 0.726. Volume was 9% above average (neutral) and Bollinger Bands were 23% wider than normal.
Open High Low Close Volume___
0.728 0.730 0.725 0.726 117,663
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.72 0.72 0.75
Volatility: 13 10 11
Volume: 120,880 110,640 105,173
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 2.9% 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 2 periods.