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
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
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
Mixed
Gold
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
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • #Bitcoin breaking towards the August high as RSI surges into overbought territory for the first time since August A push to test the 2019 high (13764) could be on the cards if price can breach the 12,500 mark #BTC https://t.co/ANMEn7O5kg https://t.co/g1hTFENvW4
  • EU's Barnier says it is possible to find a compromise on level playing field, adds that an agreement is within reach $GBP
  • EU's Barnier says it takes two to reach a deal $GBP
  • EU's Barnier says a deal is within reach if both sides are willing to compromise $GBP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.76%, while traders in EUR/USD are at opposite extremes with 70.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5ceG7kdQ3s
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/AyM4cSDXtC
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 1.46% Gold: 0.64% Oil - US Crude: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HdkcnCBndK
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.58% 🇬🇧GBP: 0.52% 🇦🇺AUD: 0.44% 🇪🇺EUR: 0.32% 🇨🇭CHF: 0.29% 🇨🇦CAD: 0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Lh2TJjviR7
  • Heads Up:💶 ECB President Lagarde Speech due at 07:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-21
  • Canadian Dollar Outlook: Retail Sales Data May Fuel USD/CAD Downtrend - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/10/21/Canadian-Dollar-Outlook-Retail-Sales-Data-May-Fuel-USDCAD-Downtrend.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CAD $CADJPY $USDCAD https://t.co/sCKDAgobER
Technical Analysis: ASX 200 Set to Break Chart Deadlock

Technical Analysis: ASX 200 Set to Break Chart Deadlock

2017-05-25 06:12:00
David Cottle, Analyst
Share:

Talking Points:

  • The Australian benchmark has been stuck between a broken uptrend and quite strong support
  • Now it looks as though something has to change
  • The next couple of days could be well worth watching

Make sure your ASX trading strategy is up to the mark with thisDailyFX guide

A week may be a long time in some markets but the last seven days haven’t changed much in terms of the ASX 200’s technical picture.

My last look, a week back, found the index worryingly below an uptrend channel which had thereto lasted for all of 2017. Support at the lows of February 28 March 23 was containing losses.

A week later the index remains below that uptrend channel but those supports are holding. Indeed, it can hardly be coincidental that the clearest recent low (May 18’s intraday bottom) was also February 28’snadir of 5679.90.

Technical Analysis: ASX 200 Set to Break Chart Deadlock

However, as you can see from the chart above, price action since that bounce has been inconclusive at best. The bulls have shown no appetite to regain the 5834 level which came before the precipitous fall seen on May 17. But, by the same token, bears have yet to retest that now-critical support level we talked about earlier.

It looks as though something is about to give though. The index is currently flirting oh-so-closely with the top of a downtrend line which has been in place since it topped out back in early May.

Technical Analysis: ASX 200 Set to Break Chart Deadlock

If it can close above this level, currently 5778.70, then the bulls might start to feel a little bolder. If it can’t, then the downtrend strongly suggests another try at that 5679.90 prop and the lows for this year which lurk beneath.

One modest bit of support for the bullish view might come from the index’s Relative Strength Index (RSI). This isn’t flashing any warning signs yet, up or down, but it is meandering down towards territory at which many analysts would think the market was oversold.

The next couple of days’ closing levels should be very interesting indeed.

--- 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