Australian Dollar: USD/AUD (AUD=X) shown signs of erratic behavior
The Australian dollar has shown signs of erratic behavior over the last 24 hours but this should not be a huge surprise considering that we continue to have mixed messages coming out of the trade war between the United States and China.
However, part of the resiliency that we are seeing is the fact that the Chinese suggested that the Americans were willing to peel away some of the tariffs that were scheduled to be levied upon them in signs of renewed conciliatory tone. The better the tone coming out of the trade war, the better the Australian dollar will do going forward, mainly due to the fact that the Australians provide China with much of its raw materials.
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.
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 27 white candles and 22 black candles for a net of 5 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 48.3721. This is not an overbought or oversold reading. The last signal was a sell 3 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 61.33. 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 65 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 58. This is not a topping or bottoming area. The last signal was a sell 3 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 20 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.002 at 0.690. Volume was 2% above average (neutral) and Bollinger Bands were 8% narrower than normal.
Open High Low Close Volume___
0.688 0.691 0.686 0.690 64,370
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.69 0.68 0.69
Volatility: 5 7 8
Volume: 51,724 60,423 79,957
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 0.7% 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 14 periods.