Australian Dollar: USD/AUD (AUD=X) trending closely to its worst 2018 levels
AUD traded within a tight 27 pips range yesterday, the narrowest 1-day range so far this year. The quiet consolidation offers no fresh clue and we continue to hold a neutral stance.
We previously held the view that the downside is more ‘sticky’ but the recent consolidation within narrow ranges suggests that the major 0.7310 support is unlikely to be challenged anytime soon. Indicators are mostly flat now and this suggests that AUD could continue to trade within the month-to-date range between 0.7310 and 0.7485 for a while more.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 0.75.
The projected lower bound is: 0.73.
The projected closing price is: 0.74.
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 24 white candles and 26 black candles for a net of 2 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 49.6242. This is not an overbought or oversold reading. The last signal was a sell 16 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 48.42. 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 61 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 21 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.000 at 0.740. Volume was 96% below average (consolidating) and Bollinger Bands were 53% narrower than normal.
Open High Low Close Volume___
0.740 0.741 0.740 0.740 4,275
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.74 0.75 0.77
Volatility: 10 10 9
Volume: 94,129 101,243 92,937
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 3.3% below its 200-period moving average and is in an upward trend. Volatility is high 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 4 periods.