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
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.50% 🇨🇦CAD: 0.49% 🇦🇺AUD: 0.47% 🇯🇵JPY: 0.21% 🇨🇭CHF: -0.15% 🇪🇺EUR: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/84GPyworwF
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.58% Oil - US Crude: -0.84% Silver: -3.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xsYcuQg0ug
  • See my #2020election special take on the following question: Will Trade Wars Persist After the US Election? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/30/will-trade-wars-persist-after-the-us-election.html
  • The British Pound price sell-off is now testing a critical medium-term support zone and the immediate focus is on inflection off this threshold. Get your $GBPUSD technical analysis from @MBForex here:https://t.co/c3wV3cgmuL https://t.co/0cuWf9Un3e
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 69.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Kgs0Iv4p8Q
  • Federal Reserve Board announces an extension of rules, including prohibiting share repurchases, for big banks through Q4 to maintain capital resilience $SPX
  • US Equity Update (Wednesday Close): $DJI +1.20% $SPX +0.82% $NDX +0.84% $RUT +0.20% $VIX -0.42%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.15% US 500: -0.19% FTSE 100: -0.22% Germany 30: -0.37% France 40: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ER57B8vlcm
  • Following last night's debate, the Commission on Presidential Debates (CPD) announced today that they: "will be carefully considering the changes that it will adopt and will announce those measures shortly". #PresidentialDebate2020
  • USD strength has shown in September but that’s been a change-of-pace to the bigger-picture trend of weakness. Which will take over in Q4? Get your $USD market update from @JStanleyFX here:https://t.co/BAFre6au9x https://t.co/SL8kg2GlH0
ASX 200 Technical Analysis: Broken Trendline, Heavy Cap

ASX 200 Technical Analysis: Broken Trendline, Heavy Cap

2017-03-24 05:24:00
David Cottle, Analyst
Share:

Talking Points:

  • The ASX has looked stuck for weeks as the year’s peaks prove too high
  • However, it has at least not fallen far
  • Could this change with this week’s trendline break?

The Australian ASX 200 equity benchmark’s 2017 story is in many ways the story of developed-market stocks everywhere.

It entered the year quite triumphant after the long, steep climb which followed Donald Trump’s shock presidential election win. But then – well – it did nothing much of anything except hold on. The ASX hasn’t fallen far this year, but it hasn’t managed to build convincing gains either.

So far, so like most of its peers. But, unlike many of them, the ASX has tried to regain that top twice after its initial rejection on January 10, and failed on every occasion. It arguably made a third brave foray on March 2.

Bluntly, it looks as though the year’s peak around 5185.50 is becoming ever-more formidable resistance.

And there’s more bad news. As it fell this week, the ASX snapped a nice little rising trend line which had been in place for a comforting 32 straight sessions. It gave way on Wednesday. Now admittedly it has not yet done so conclusively. There must still be some hope that the index can fight its way back above it. Indeed, it will have accomplished that on Friday if it can close above 5765. That’s not a huge ask from current levels (5752.50 at 0400 GMT Friday)

But as things stand, the ASX is below a broken-if-minor trend line and way below a 2017 peak which has repeatedly proved too much for the bulls. These are both bad signs. Furthermore, clear daily-chart support is hard to spot at current levels. For that we have to get all the way back down to the 5605 level at which the index formed its last solid base, back in late January.

Under Pressure: ASX 200

ASX 200 Technical Analysis: Broken Trendline, Heavy Cap

Would you like to know more about financial market trading? The DailyFX trading guide is for you.

--- 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