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Australian Dollar: USD/AUD (AUD=X) trading in a tight range

Australian Dollar: USD/AUD (AUD=X) trading in a tight range

The Australian dollar is currently selling off against all major currencies. The Aussie is currently the weakest against the Japanese yen. Last week, the Australian dollar ended flat against the US dollar. As Chinese growth decelerates and US- trade tensions rise, the Australian dollar remains in the firing line. Today’s AUD/USD trading range is 0.7310- 0.740.

The Aussie is trading in a tight range because investors are being forced to evaluate the impact of ’s comments against the divergence in monetary policy between the hawkish U.S. Federal Reserve and the dovish Reserve Bank of Australia which is making the U.S. Dollar a more favorable investment.

Additionally, traders are reluctant to position themselves too aggressively ahead this week’s quarterly consumer inflation data from Australia and rising U.S. Treasury yields.

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.

Candlesticks

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 22 white candles and 28 black candles for a net of 6 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 55.7642. This is not an overbought or oversold reading. The last signal was a sell 8 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 45.37. 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 53 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 -30. This is not a topping or bottoming area. The last signal was a sell 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 13 period(s) ago.

Rex Takasugi – TD Profile

FOREX AUD= closed down -0.004 at 0.738. Volume was 13% below average (neutral) and Bollinger Bands were 46% narrower than normal.

Open High Low Close Volume___
0.740 0.744 0.737 0.738 88,097

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 0.74 0.75 0.77
Volatility: 11 10 9
Volume: 104,744 104,012 92,166

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.

Summary

FOREX AUD= is currently 3.8% below its 200-period moving average and is in an downward 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 bearish on AUD= and have had this outlook for the last 24 periods.