Australian Dollar: USD/AUD (AUD=X) retraces into Fibonacci support after recent breakout
AUD/USD is turning higher from the 76.4% retracement, following a recent breakout through $0.7315 resistance. That break negates the wider bearish outlook, pointing towards a potential period of upside.
With that in mind, the respect of the 76.4% retracement level at $0.7205 points towards a possible resumption of that bullish theme from here on in. As such, watch out for further gains, with a more bearish view coming in the event of a break below $0.7164.
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 white body occurred (because prices closed higher 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 26 white candles and 24 black candles for a net of 2 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 46.8818. This is not an overbought or oversold reading. The last signal was a sell 1 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 55.24. 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 140 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 8. This is not a topping or bottoming area. The last signal was a sell 1 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 27 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.004 at 0.726. Volume was 8% above average (neutral) and Bollinger Bands were 35% wider than normal.
Open High Low Close Volume___
0.721 0.728 0.720 0.726 119,622
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.72 0.72 0.74
Volatility: 12 11 10
Volume: 127,198 116,220 105,703
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 2.5% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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.