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
AUS200 Momentum Pauses after Break of Double Top

AUS200 Momentum Pauses after Break of Double Top

Nathalie Huynh,

Talking Points:

  • Strategy: Position for higher moves though be cautious of support level
  • The path is clear until new resistance at 5293
  • Upward momentum halts within overbought zone

After a break above the previous double top at 5074, ASX 200 is heading toward a new resistance level of 5293 with little hindrance along the way. However waning upward momentum signals possible correction after the rapid rise last week.

Traders with long positions should keep top close to support level. Those who are looking to enter long trade may await signs of momentum resumption first. 5074 has become an immediate support level. So long as prices hover above this, chances of further upturn remain.

Need a hand to start trading:Free Guides

Want to read market’s momentum: Speculative Sentiment Index

AUS200 Momentum Pauses after Break of Double Top

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.

DISCLOSURES