Australian Dollar: USD/AUD (AUD=X) struggles for direction as the Americans and the Chinese continue to negotiate a potential trade deal
The Australian dollar has struggled a bit during the trading session to find any footing, but that should not be much of a surprise as we have seen this market struggle for direction as the Americans and the Chinese continue to negotiate a potential trade deal.
At this point in time, you should keep in mind that the Australian dollar is highly sensitive to the US/China trade deal because it is such a major producer of commodities that the Chinese use. In other words, Australia is highly levered to China, and will continue to be going into the future. With that, it’s very likely that we will continue to see a lot of back and forth until we can get some type of clarity out of Washington or Beijing. In that sense, you may be waiting quite some time for the move.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 0.68.
The projected lower bound is: 0.67.
The projected closing price is: 0.68.
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 23 white candles and 27 black candles for a net of 4 black 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 25.6245. 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 39.48. 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 80 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 -122.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 7 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 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed down -0.001 at 0.677. Volume was 39% below average (neutral) and Bollinger Bands were 12% narrower than normal.
Open High Low Close Volume___
0.678 0.678 0.676 0.677 37,385
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.68 0.68 0.69
Volatility: 5 7 7
Volume: 43,209 52,984 75,631
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 2.3% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of AUD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on AUD= and have had this outlook for the last 6 periods.
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