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AUS 200 Technical Analysis: Welcomed Retracement above Support

AUS 200 Technical Analysis: Welcomed Retracement above Support

Nathalie Huynh,

Talking Points:

  • AUS 200 Strategy: Small dip buying if it holds out above 4754 support
  • Reduced threat of a decline to 2013 levels
  • Sideways mode is expected until the week ends

AUS 200 made a welcomed retracement up above the 4754 support level and two-year low. Yesterday’s close above this probably turned the tide, as we outlined. The best scenario from here on is sideways trading until the week ends. A full return of Asia markets next week will add more dimensions and support two-way trading in the index.

The threat of declines is not ruled out totally, given weak downside bias in momentum signals. Dip buyers and investors with long positions should keep a close watch of support level. At top, 4918.4 comes as immediate resistance, with 5074 firm resistance above head.

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AUS 200 Technical Analysis: Welcomed Retracement above Support

Daily Chart - Created Using FXCM Marketscope

Losing Money Trading Forex? This Might Be Why.

--- 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.

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