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ASX 200 Technical Analysis: Index Pushing to The Upside

ASX 200 Technical Analysis: Index Pushing to The Upside

2016-08-24 05:02:00
Oded Shimoni, Junior Currency Analyst
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Talking Points:

- Index trading at a resistance zone below 5,600 after a push higher

- Price has been trading sideways between 5,500 and 5,570 since the beginning of the month

- 20-day ATR readings still at lowest level since September 2014

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The ASX 200 is edging higher at the time of writing, trading at a potential resistance area highlighted in the last reports between 5,570 and 5,600.

Volatility has seen a decline to its lowest levels since September 2014 (based on a 20-day ATR study), perhaps on the backdrop of the “summer lull”.

With that said, a break to either side of this short term sideways trend could induce a pickup in activity as some participants might get caught on the wrong side.

At this stage, focus seems likely to be on the 5,600 level; interestingly, OBV is showing strength relative to price action.

A clear move above 5,600 could indicate the long term uptrend may have resumed and signal further bullish intentions, possibly exposing the 5,700 level initially for potential resistance.

A break below the 5,500 area might shift focus to possible support around the 5,380-5,400 levels.

ASX 200 Daily Chart: August 24 2016

ASX 200 Technical Analysis: Index Pushing to The Upside

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

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

Follow him on Twitter at @OdedShimoni

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

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