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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
ASX 200 Technical Analysis: Index Reverses After Setting 2016 High

ASX 200 Technical Analysis: Index Reverses After Setting 2016 High

Oded Shimoni, Junior Currency Analyst

Talking Points:

- The ASX 200 held below a range top resistance at 5,380

- Long term up-trend may be resuming if the break-out finds follow through

- A failure to hold above 5,380 might imply a move lower

The ASX 200 posted a new high for the year and broke the range top at 5,380 before quickly reversing lower. The price has been trading for the past 9 months in a well-defined range between the 5,380 resistance and the 4,750 support, which coincided with the 0.618 Fib level of the long term up trend from 2012.

Follow-through from the breakout above resistance appears lacking at the time of writing, but the index may gather momentum if other correlated “risk assets”, such as the S&P 500, find strength. A break, and a hold above the range top at 5,380 might imply that the bulls have taken control, and that the long term up trend is resuming.

With that being said, if the 5,380 level continues to contain price inside the range, this may imply that a move lower is of higher likelihood, which might put the focus on the 5,200 support zone.

Find REAL TIME traders positioning with DailyFX’s SSI Indicator Here

ASX 200 Daily Chart: May 11, 2016

--- Written by Oded Shimoni, DailyFX Research

To contact Oded Shimoni, e-mail

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