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
Bullish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇨🇭 Consumer Confidence (Q3) Actual: -30 Previous: -39.3 https://www.dailyfx.com/economic-calendar#2020-08-04
  • Heads Up:🇨🇭 Consumer Confidence (Q3) due at 05:45 GMT (15min) Previous: -39.3 https://www.dailyfx.com/economic-calendar#2020-08-04
  • If you missed my LIVE coverage of the #RBA rate decision where I discussed the outlook for $AUDUSD following recent losses and ahead of key event risk this week, check out the recording on YouTube here - https://t.co/SJfzT6VYfb
  • The US Dollar remains under pressure against ASEAN currencies. USD/SGD and USD/MYR may extend losses as USD/PHP and USD/IDR face bullish technical signals. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/C0YoIAxhRF https://t.co/M5JaY4P0h9
  • 🇦🇺 RBA Interest Rate Decision Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-08-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.43%, while traders in US 500 are at opposite extremes with 77.94%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IhzgYE3BMN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.08% 🇪🇺EUR: 0.06% 🇦🇺AUD: 0.03% 🇨🇦CAD: -0.01% 🇨🇭CHF: -0.04% 🇯🇵JPY: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gFx2jU0MMn
  • Heads Up:🇦🇺 RBA Interest Rate Decision due at 04:30 GMT (15min) Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-08-04
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.03% US 500: -0.02% Germany 30: -0.08% France 40: -0.09% FTSE 100: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/E59rijEnLv
  • The Japanese Yen may fall against its major counterparts as it enters the second half of an 8-year cycle. AUD/JPY, EUR/JPY rates eye push to fresh yearly highs. Get your $JPY market update from @DanielGMoss here:https://t.co/EZUxcQa9dq https://t.co/NfPDVPk8Gi
Technical Analysis: ASX 200 Loses Its Grip On Key Support

Technical Analysis: ASX 200 Loses Its Grip On Key Support

2017-06-08 04:13:00
David Cottle, Analyst
Share:

Talking Points:

  • The ASX 200 has slipped below a support line which has been important since late February
  • This doesn’t have to be bad news
  • But a recovery needs to come soon

Give your ASX trading strategy a tune-up with the DailyFX guide

My last technical peep at the ASX 200 was an attempt to draw your attention to the curious importance of February 28, 2017.

There was nothing immediately special about the low printed on that day, around 5675.30, beyond the fact that it put an end to a modest downtrend. But that level went on to become quite significant support for the index and remained so until this week. Indeed, it had repelled the bears on no fewer than three occasions since February and formed the meaningful low for the year.

But now it has given way.

Wednesday’s marked slip for the index took us down to the 5646 area, where we remain.

Technical Analysis: ASX 200 Loses Its Grip On Key Support

Alright, you may argue, perhaps the importance of that support was always overdone.

After all, its significance is really only down to a few days’ intraday lows since February 28 – on March 22, May 18 and May 30.

But a look at the chart below would suggest that this level means something and that its break could be important.

Technical Analysis: ASX 200 Loses Its Grip On Key Support

At a minimum, any fall below it sharpens the downtrend in place since May 2.

There is a caveat though, albeit one which means we must stray from technical analysis. It is possible that markets everywhere are a little more than usually risk averse at present. Various looming global events may make this so. Not least among them is Thursday’s UK general election, the prize of which will be the dubious privilege of negotiating Brexit. Then there’s former Federal Bureau of Investigation Director James Comey’s testimony to the US Senate.

If either or both proceed as markets hope – i.e. preserving the status quo ante – then we could see a snap back in risk appetite which should benefit the ASX at least as much as any other index.

In that case, watch carefully how much further it can get above those February 28 lows. If risk appetite remains restrained however, expect the downtrend’s dominance to endure.

--- 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.