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
Subscribe
Please try again
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
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
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
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • 🇨🇦 Retail Sales MoM (NOV) Actual: 1.3 Expected: 0.1% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-22
  • What are some factors affecting the USD this quarter? Get your free forecast here: https://t.co/7G7pWntiyY #DailyFXGuides https://t.co/QRHi5s8Vm8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 66.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fEJdLlUmtf
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.06% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.29% 🇨🇦CAD: -0.59% 🇳🇿NZD: -0.62% 🇦🇺AUD: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ab9DM9x8QV
  • Heads Up:🇨🇦 Retail Sales MoM (NOV) due at 13:30 GMT (15min) Expected: 0.1% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-22
  • #Gold has fallen this morning, now trading back around $1,840. The precious metal had hit its highest level since the early January selloff yesterday as it tested around $1,870. $XAU $GLD https://t.co/AP8aqLSvOs
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/CRFKPoTOdL
  • 🇲🇽 Mid-month Inflation Rate YoY (JAN) Actual: 3.33% Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇲🇽 Mid-month Inflation Rate YoY (JAN) Actual: 3.33 Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇲🇽 Mid-month Inflation Rate MoM (JAN) Actual: 0.51% Expected: 0.34% Previous: 0.34% https://www.dailyfx.com/economic-calendar#2021-01-22
ASX 200 Technical Analysis: Yet Another Doomed Uptick In Play

ASX 200 Technical Analysis: Yet Another Doomed Uptick In Play

David Cottle, Analyst

Talking Points:

  • The ASX 200 is stuck
  • Its 2017 top remain unreachable but support not far below it has held the bears in check for months
  • There’s little sign that that is about to change

Have a question about trading ASX 200? Join a Q&A webinar and ask it live!

Deadlock. That’s the word for ASX 200 price action right now. This phenomenon is not by any means confined to the benchmark Sydney equity index. You can see it in plenty of others, and also in currencies such as the Australian Dollar.

So what’s the deal? Well, the ASX is clearly below the two-year highs made back in May. But it remains at least relatively elevated compared to the last twelve months and support has been holding firm not far below the peak for quite some time.

ASX 200 Technical Analysis: Yet Another Doomed Uptick In Play

Is there any hope that the deadlock will break for the ASX anytime soon? Well, it has to be admitted, not much. The index has staged yet another bounce from that support area in the last couple of days but there’s little reason to suppose that it has the chops to break above current resistance in the 5800 area.

And, as we contemplate the index’s momentum, or lack thereof, here’s an interesting thing. The ASX’s Relative Strength Index makes rather compulsive viewing. So much so that it’s going to get a chart of its own:

ASX 200 Technical Analysis: Yet Another Doomed Uptick In Play

Here it is. It’s that wavy line you can see just below the candlestick chart of the ASX. What’s interesting, if not downright odd, is the way that the index has not been in either overbought or oversold territory this year at any point. It has spent precisely no time at all either above the 70 level that usually suggests buyers might have got ahead of themselves, nor yet below the 30 point, at which selling might have become too frenzied.

That’s rather a rare sight and suggests an index with sufficient momentum to sustain itself but not enough to change very far. That in turn makes another failure in the low 5800s all-too likely for the current uptick.

--- 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