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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Germany's IFO forecasts - Upgrades 2020 GDP outlook to -5.2% from -6.7% - Downgrades 2021 GDP outlook to 5.1% from 6.4%
  • BoE's Bailey says while negative rates is in the toolbox, this does not imply the BoE would use negative rates $GBP
  • BoE's Bailey says negative rates have been a mixed bag in other countries $GBP
  • BoE's Bailey says the BoE have looked very hard at scope to lower rates further, including negative interest rates $GBP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.45%, while traders in NZD/USD are at opposite extremes with 69.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xwIu29Mfxl
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/qy92JdlDpt
  • BoE's Bailey says labour demand is weak with unemployment higher than its reported number $GBP
  • For those who like their DMAs $GBP https://t.co/N24AeArRdI
  • 🇸🇪 Riksbank Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-09-22
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.21% Gold: -0.51% Silver: -2.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tQ9MEORbQm
ASX 200 Technical Analysis: Breakout Might Need Support

ASX 200 Technical Analysis: Breakout Might Need Support

2016-07-19 04:35:00
Oded Shimoni, Junior Currency Analyst
Share:

Talking Points:

- ASX 200 moves above the 5,380-5400 long term range top

- 5,500 may be in focus as possible resistance

- Index might need a “higher low” above 5,380-5,400 to signal bulls are back in control

If you’re looking for trading ideas, check out our Trading Guides Here

The ASX 200 has extended gains following a breakout of a long term range.

The Index has been trading for the past months in a well-defined range between the 5,380 resistance and the 4,750 support, which coincided with the 0.618 Fib of the long term up trend leg from 2012.

After moving above the range top resistance, the ASX printed new 2016 highs, which might now put the focus on 5,500 for possible resistance.

If the index manages to find support around the 5,380-5,400 area, and form a “higher low”, this could potentially imply that the range “structure” has been broken and that the bulls are back in control.

A failure to hold above 5,380 might put the focus again on the 5,300 figure, which may act as support.

ASX 200 Daily Chart: July 19, 2016

ASX 200 Technical Analysis: Breakout Might Need Support

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

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

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

DISCLOSURES