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
Mixed
Oil - US Crude
Bearish
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
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/aG5lue4jZ4
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/K4BUUCDVdB
  • 💶 GDP Growth Rate QoQ 2nd Est (Q2) Actual: -12.1% Expected: -12.1% Previous: -3.6% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 💶 GDP Growth Rate YoY 2nd Est (Q2) Actual: -15% Expected: -15% Previous: -3.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 💶 Balance of Trade (JUN) Actual: €21.2B Expected: €12.6B Previous: €9.4B https://www.dailyfx.com/economic-calendar#2020-08-14
  • 💶 GDP Growth Rate QoQ 2nd Est (Q2) Actual: -12.1 Expected: -12.1% Previous: -3.6% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 🇭🇰 GDP Growth Rate QoQ Final (Q2) Actual: -0.1% Expected: -0.1% Previous: -5.3% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 🇭🇰 GDP Growth Rate YoY Final (Q2) Actual: -9% Expected: -9% Previous: -9.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 💶 GDP Growth Rate YoY 2nd Est (Q2) Actual: -9% Expected: -15% Previous: -3.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇭🇰 GDP Growth Rate QoQ Final (Q2) due at 09:00 GMT (15min) Actual: -0.1% Expected: -0.1% Previous: -5.3% https://www.dailyfx.com/economic-calendar#2020-08-14
ASX 200 Technical Analysis: Must This Be A Double Top?

ASX 200 Technical Analysis: Must This Be A Double Top?

2017-02-22 06:20:00
David Cottle, Analyst
Share:

Talking Points:

  • The ASX 200 could be forming a double top
  • The benchmark is mounting another assault on the peaks of January 9
  • The bulls will have to hold these to convince

The ASX 200 equity index could be at a key juncture, at which the bulls’ resolve could be both tested and crucial.

The benchmark had been climbing nicely from November right up until the start of January. On the ninth of that month it topped out at 5823.60. It then retreated from that peak and, although it didn’t fall far, it has only girded itself to challenge that summit again in the past week or so. And so far it hasn’t managed to pass that peak.

If it fails again the high of January 9 will start to look a lot like a technical “double top” and become all the more formidable a barrier for that.

Indeed, a conclusive failure here could put longer-term strength in doubt, with support at December 9’s closing low of 5538.70 in focus below. Of course if that too were to fail then the entire rise from early November could be brought into question.

For the moment, however, the bulls seem to understand their positon and are trying to defend it. At the current 5796 mark the ASX is above the 5792.2 closing level on that peak day, January 9. But not by much. And it’s still well below that session’s intra-day top. Still, if the index can continue on to close around current levels consistently then the bulls may have proved their point.

But if not, then the prospect of a double top will threaten.

In the balance: the ASX 200’s torrid start to the year

ASX 200 Technical Analysis: Must This Be A Double Top?

Chart Compiled Using TradingView

What does the rest of the year’s first quarter have in store? The DailyFX analysts’ forecasts are here.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

DISCLOSURES

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.