USDAUD closes above its opening price after recovering from early selling pressure

US Dollar/Australian Dollar (USDAUD) Technical Analysis Report for Sep 14, 2018

Highlights

USDAUD closes above its opening price after recovering from early selling pressure
USDAUD ends the day on a bullish note closing near the high of the day
USDAUD pushes through previous session high

TQ Sentiment

Report Sentiment: 80% Bullish
Technical Forecast:

Overview

USDAUD ended the week -0.68% lower at 1.3978 after gaining 72 pips (0.52%) today. Trading up to 44 pips lower after the open, USD/AUD managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 1.3959, the forex pair confirms its breakout through the previous session's high having traded 27 pips above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for USDAUD

Volatility

Friday's trading range was 128 pips (0.92%), that's slightly above last trading month's daily average range of 128 pips. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

Regardless of a weak opening the pair managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 1.3998.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

As prices are trading close to September's low at 1.3820, downside momentum might speed up should the currency mark new lows for the month.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for US Dollar/Australian Dollar

Condition Forecast Direction Win Rate Exit Day Events
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Harami Candle TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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