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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 49025, member: 25911"] [b]AUD/USD DAILY as of Thursday, 01 August, 2013[/b] [B]*** Intra-Daily Trading Strategy: BUY Australian Dollar / US Dollar Buy Target: 0.8970 Buy Stop: 0.8889 Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price. (NOTE: Adjust Stop Loss Price according to your trading risk.) Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!![/B] A black body has formed as prices closed lower than open. The previous 10 candlestick bars, there are 4 white candles versus 6 black candles with a net of 2 black candles. The previous 50 candlestick bars, there are 22 white candles versus 28 black candles with a net of 6 black candles. Three black candles has formed during the last three bars. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.MACD is BEARISH as the MACD is below the signal line. The MACD crossed below the signal line 1 period(s) ago. Since the MACD crossed the MACD moving average, Australian Dollar / US Dollar's price has decreased 0.27%, and has been fluctuating from a high of 0.906 to a low of 0.892. The Stochastic Oscillator is currently below 20. This is an indication of the security being in an "oversold" condition The RSI has just reached its lowest value in the last 14 period(s). This is BEARISH signal. The last Directional Movement Indicators (DMI) signal was a SELL 6 period(s) ago. SAR signal was a Sell 2 period(s) ago. The close is currently BELOW its 200 daily moving average BELOW its 50 daily moving average BELOW its 20 daily moving average The current market condition for Australian Dollar / US Dollar is Very Bearish Australian Dollar / US Dollar broke below the downside support level of 0.91, 1 day(s) ago. This is a bearish sign. This previous support level of 0.91 now provide upside resistance. Prices having only declined 0.27% since the breakout. Australian Dollar / US Dollar closed below the lower Bollinger Band by 4.4%. Although prices have broken the lower Bollinger Band and a downside breakout is possible, the most likely scenario is for the current trading range that Australian Dollar / US Dollar is in to continue. Bollinger Bands are 17.50% wider than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. [/QUOTE]
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