XAU/AUD Currency Pair Forecast

XAU/AUD currency pair downgraded to Sell Candidate
(Updated on Jul 02, 2024)

XAUAUD Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 1.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The XAU/AUD currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at A$3,523.48. On a fall, the currency pair will find some support from the short-term average at A$3,488.37. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.

Support, Risk & Stop-loss for XAU/AUD currency pair

XAU/AUD finds support from accumulated volume at A$3,488.31 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved A$28.28 between high and low, or 0.81%. For the last week the currency pair has had daily average volatility of 1.06%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (XAUAUD) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect XAU/AUD to open at A$3,496.83, and during the day (based on 14 day Average True Range), to move between A$3,456.48 and A$3,529.07, which gives a possible trading interval of +/-A$36.30 (+/-1.04%) up or down from last closing price. If XAU/AUD takes out the full calculated possible swing range there will be an estimated 2.08% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at A$3,496.42 (0.10%) than the support at A$3,488.31 (0.13%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is XAU/AUD currency pair A Buy?

XAU/AUD holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.949 Sell Candidate Downgraded

Predicted Opening Price for XAU/AUD of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.