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
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here: https://t.co/MzaIl7tPmZ
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/rFlQtyQS81
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/KzhQnGiLyt
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cuneuJNZlH
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
ASX 200 Technical Analysis: Long Term Outlook as "Brexit" Polls Open

ASX 200 Technical Analysis: Long Term Outlook as "Brexit" Polls Open

Oded Shimoni, Junior Currency Analyst

Talking Points:

- Difficult to find any tradable scenarios at the moment due to the EU Referendum

- Significant implications for the global financial markets might see the ASX volatile as well

- A very long term outlook might be necessary as UK polls open

Volatility is set to be high with the Brexit vote. Learn good trading habits with the “Traits of Successful Traders” series

The ASX 200 currently trades below the 5,300 short term resistance, which appears to have capped gains in the last three trading days.

Price movements are expected to dramatically shift in the hours and days ahead, as we rapidly approach a resolution to the so called “Brexit” referendum, which could potentially have game-changing implications for the global financial markets as a whole.

Indeed, it appears difficult to find reasonable risk-reward trading scenarios at the moment due to the uncertainty and expected volatility, which in turn might imply that a very long term view is required for the hours and days ahead, as short term technical levels seem unlikely to have any significance. Taking this into consideration, we turn our attention to the Monthly chart.

ASX 200 Monthly Chart: June 23, 2016

The long term up trend from 2009 is in focus looking at the chart above. The Fib drawn from the March 2009 low at 3,073 to the April 2015 high at 6,020 reveals possible interesting levels on a move lower.

The first area of interest to buyers might be a confluence of resistance levels below the 4,900 figure, which coincides with the 0.382 Fib, the 100 SMA and prior support at 4,750 that could create a possible support zone.

The 0.50 Fib below coincides with the 4,500 round number, while the 0.618 Fib sits close to the 4,200 level. The big 4,000 figure is just below, and has acted as support in the past.

Levels of interest on a move higher might initially be the 2015 highs around the 6,000 handle, followed by the 6,500 round figure and a possible resistance zone above the 2007 highs at 6,852 to the 7,000 handle.

--- Written by Oded Shimoni, Junior Currency Analyst for DailyFX.com

To contact Oded Shimoni, e-mail instructor@dailyfx.com

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

DISCLOSURES