Australian Dollar: USD/AUD (AUD=X) trade with downward bias
There is not much to add to yesterday’s (23 Oct, spot at 0.7080) update. As highlighted, “the prospect for a break of the year-to-date low of 0.7041 has increased, albeit not by much”. AUD subsequently dipped to a 2-week low of 0.7056 before rebounding quickly to end the day slightly higher (NY close of 0.7087, +0.06%).
Overall, we continue to hold the same view wherein we expect AUD to trade with a slight downward bias for the next few days. Only a break above 0.7140 would suggest that the current mild downward pressure has eased. Looking ahead, a break of 0.7040 would shift the focus to the round number support of 0.7000.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 0.72.
The projected lower bound is: 0.70.
The projected closing price is: 0.71.
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 21.7821. This is not an overbought or oversold reading. The last signal was a buy 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 42.05. 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 121 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 -68. This is not a topping or bottoming area. The last signal was a buy 12 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 8 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.002 at 0.708. Volume was 19% above average (neutral) and Bollinger Bands were 20% narrower than normal.
Open High Low Close Volume___
0.706 0.710 0.705 0.708 126,044
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.71 0.72 0.75
Volatility: 6 10 10
Volume: 116,237 107,831 104,156
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 5.8% below its 200-period moving average and is in an downward 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 bearish on AUD= and have had this outlook for the last 15 periods.
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