Skip to content
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
AUS 200 Technical Analysis: The Rebound Challenges Resistance

AUS 200 Technical Analysis: The Rebound Challenges Resistance

Nathalie Huynh,

Talking Points:

  • AUS 200 Strategy: Prepare for acceleration if resistance is broken
  • Strong upward momentum promises a return to September- January range
  • Support is 4859.9, next resistance is 20-day MA at 5031

AUS 200 is testing 4998 resistance level on a second day, with the aid of rapidly building upward momentum. This resistance level has held for two weeks so expect a tough challenge around there. A clean break above it would bring the index close to 20-day moving average at 5031.

Bulls traders should keep stop loss near resistance level to preserve past gains, in case of reversal after failure to breach. At the moment all signs point to upside activity and a return to the 4998-5391.5 range that contained prices during September-January.

Support level is 4859.9, lower bound of triple bottom area. Below that comes firm support at 4754.

Need a hand to start trading:Free Guides

AUS 200 Technical Analysis: The Rebound Challenges Resistance

Losing Money Trading Forex? This Might Be Why.

Want to read market’s momentum: Speculative Sentiment Index

--- Written by Nathalie Huynh, Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES