News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • RT @FxWestwater: Asia AM - Japanese Yen Outlook: $USDJPY Drops on Haven Flows as Traders Brace for #FOMC Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/07/27/Japanese-Yen-Outlook-USDJPY-Drops-on-Haven-Flows-as-Traders-Brace-for-FOMC.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr htt…
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQip9B3r https://t.co/tYPv6QYQIG
  • US Dollar Outlook: Fed Decision Due - Will it Spark Fireworks? The $DXY edged lower on Tuesday with $EURUSD, $GBPUSD, and $USDJPY all feeling Dollar weakness. Will the Fed catch markets off-guard with another hawkish surprise tomorrow? Link to Analysis - https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/07/27/us-dollar-outlook-fed-decision-due-will-it-spark-fireworks.html https://t.co/iTt0jJiuUC
  • Crude oil prices are trading largely unchanged following last week's rebound as the Delta variant of Covid and Chinese regulatory measures temper the near-term demand outlook. Get your market update from @FxWestwater here:https://t.co/T3oQa9qksd https://t.co/qgDReDbtcd
  • USD/JPY price action has weakened sharply on the session but is searching for support. Get your $USDJPY market update from @RichDvorakFX here:https://t.co/s6baPFYuS3 https://t.co/1ze3cKJytb
  • RT @BrendanFaganFx: Nasdaq 100 Outlook: Stocks Decline Despite Stellar Tech Earnings, All Eyes Shift to Fed $AAPL $MSFT $GOOG $QQQ $NDX L…
  • $SPX put in for an impressive midday recovery this past session leaving a large lower wick. The scale of the lower wicks consistently larger than corrections off highs https://t.co/BGkiFUwYsk
  • 🇰🇷 Consumer Confidence (JUL) Actual: 103.2 Previous: 110.3 https://www.dailyfx.com/economic-calendar#2021-07-27
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.53% 🇬🇧GBP: 0.44% 🇨🇭CHF: 0.13% 🇦🇺AUD: -0.32% 🇨🇦CAD: -0.46% 🇳🇿NZD: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/foLJDv5tkA
  • US API Stock Changes Crude -4.728M Cushing -0.126M Gasoline -6.226M Distillate -1.882M #OOTT $CL_F
High Tide

High Tide

Walker England, Trading Instructor,

The Aussie 200 (ASX200) has been a great example of how investors are looking for alternative investment opportunities around the globe. It is estimated that over $19 Billion in funds have left major indices such as the S&P 500 and the DOW, and moved into local Aussie based stocks over the past two years. As mining, manufacturing, and industrial sectors continue to boom, sentiment remains high for the Index as a whole.

Price however has yet to break and hold above the 5000 barrier over the past three years, with our current high being set in April 2010 at 5,019. This level has become a psychological barrier and has been tested at three key points in the last two years. A direction bias on this Index continues to be put on hold until price breaks out of our Chunnel pattern established on our weekly chart below.

ASX200_body_Picture_1.png, High Tide

Price Action

Zooming in to the 4Hr chart we can see price fast approaching our resistance line at the 5,000 figure. As well a rising Chunnel patter has been developing by connecting the March 16th low of 4,463 to the higher low of 4,770 established this month on April 19th. This is our first warning sign of an impending breakout, as price continues to narrow with this consolidation pattern.

ASX200_body_Picture_2.png, High Tide

Trading Opportunity

Due to the solid resistance at 5,000 on the AUD200, we have an opportunity to enter on a break higher or lower using entry orders. Orders to buy can be placed over the previous high at 5,019. If support holds, sell orders can be pending for a break of our 4Hr trend line near the 4,800 handle.

Walker England contributes to the Instructor Trading Tips articles. To receive more timely notifications on his reports, email instructor@dailyfx.com to be added to the distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES