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
EUR/USD
Mixed
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
Oil - US Crude
Bullish
Wall Street
Mixed
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
Mixed
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
USD/JPY
Mixed
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
  • Money never sleeps.... https://t.co/mAkpWd2M3O
  • The US exchanges are closed and now we have to turn over to the cryptocurrency charts to monitor developments in risk trends over the weekend. Unfortunately, it can be difficult to separate systemic sentiment influences vs isolated issues (like a celebrity's tweet about a coin)
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.93% 🇦🇺AUD: 0.72% 🇪🇺EUR: 0.55% 🇨🇦CAD: 0.50% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rzD7Gp4VIC
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.17% Gold: 0.92% Oil - US Crude: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TU8HEn8Gbk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.44%, while traders in France 40 are at opposite extremes with 73.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/M5ItmLXuiw
  • The Australian Dollar plummeted more than 1.4% against the US Dollar since the start of the week with AUD/USD reversing off technical resistance at the yearly high-close. Get your $AUD market update from @MBForex here:https://t.co/72ORZ3wZwx https://t.co/zG3UzI6bRc
  • US Markets Weekly Performance: S&P 500: -1.39% Nasdaq 100: -2.34% Dow Jones: -1.14% $SPX $NDX $DJX
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.58% Germany 30: 0.35% FTSE 100: 0.33% Wall Street: -0.00% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TUoFzlS6AX
  • https://t.co/xBh8Jp8QRu
  • EUR/USD higher on the day following a disappointing US retail sales print this morning $EURUSD https://t.co/j1IuZOFiGI
Technical Analysis: Resurgent ASX Dares to Dream Of 6000

Technical Analysis: Resurgent ASX Dares to Dream Of 6000

David Cottle, Analyst

Talking Points:

  • The ASX 200 has bounced back with aplomb
  • Momentum may now take it back up to the 6,000 level
  • But the atmosphere gets thin up there, and not only technically speaking

Australia’s benchmark stock index staged a remarkable turnaround this week.

Just a few sessions ago it was skulking below trendline support, having tried and failed to crack the year’s peaks for a third time. But look at it now.

Right back up there: ASX 200

Technical Analysis: Resurgent ASX Dares to Dream Of 6000

From the one-month low of 5681 hit on March 22 the index has surged more than 3%. With all the verdant green on the chart, the ASX even managed a daily close above its previous intra-day range high for the year of 5832. That peak had endured since mid-February but the index charged well above it on Tuesday and remains there.

Indeed, it’s now at its highest levels since April 2015.

Should the ASX manage to consolidate this admittedly very sharp rise, then investors will no doubt dare to dream about the psychologically important 6,000 point. But hitting that’s a tricky ask. The Aussie index last got tantalizingly close back in February 2015 before the bulls eventually gave up after four valiant attempts.

Before that we must go all the way back to the dying days of pre-crisis innocence – in 2007 and 2008 – to see the ASX at 6000. And it was hardly comfortable there even then.

To stray from technical analysis just for a moment, the index also looks a bit pricey. It’s reportedly trading on 16.1 times forward earnings. And that’s about 6% above the five-year average. Admittedly investors have paid more in the recent past, but not often. Valuations have also been revised upward quite substantially, especially in the raw-material sector, but that good news is of course in the price and won’t necessarily be repeated.

More ominously a move to 6,000 would see investors paying above 17 times earnings, and that’s not a level they’ve ever been happy with for long. So, while sustained momentum could get the index back to “starting with a six,” it may not linger at those rarified heights without some better fundamental news.

Would you like to know more about financial market trading? The DailyFX Trading Guide is all yours.

--- 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