AUDUSD climbs to highest close since December 13, 2018
Australian Dollar/US Dollar (AUDUSD) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, AUDUSD ended the week 1.38% higher at 0.7215 after gaining 29 pips (0.4%) today. Today's close at 0.7215 marks the highest recorded closing price since December 13, 2018. Closing above Thursday's high at 0.7198, the Aussie confirmed its breakout through the previous session high after trading up to 37 pips above it intraday.
Daily Candlestick Chart (AUDUSD as at Jan 11, 2019):
Friday's trading range has been 53 pips (0.74%), that's slightly below the last trading month's daily average range of 70 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for AUDUSD.
The currency managed to close above the 50-day moving average at 0.7194 for the first time since December 13, 2018. When this moving average was crossed above the last time on November 1, 2018, AUDUSD actually lost -0.17% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. Its common bullish interpretation has been confirmed for AUD/USD. Out of 1,361 times, AUDUSD closed higher 52.53% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.76% with an average market move of 0.05%.
With four out of the other six Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.71% and NZDUSD closing 0.69% higher. On the flipside the worst performers have been EURUSD closing -0.27% lower and USDCHF losing -0.09%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been NZDCAD surging 0.98% and GBPCAD closing 0.97% higher. The worst performers of the day have been EURNZD tanking -1.04% and EURGBP closing -0.99% lower. Read more