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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: #DailyFXGuides
  • Even more remarkable than the record high levels of leverage registered in US equities this past week was the attention it garnered. Paying attention to risk is a threat when markets are this high and the docket as dense as it is this week. My outlook:
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here:
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:
ASX 200 Technical Analysis: Can The Benchmark Get Out Of Jail?

ASX 200 Technical Analysis: Can The Benchmark Get Out Of Jail?

David Cottle, Analyst

Talking Points:

  • The ASX 200 has been stuck in a very narrow range for three months now
  • It’s even narrower if you only take daily closes into account
  • What’ll it take to break what’s arguably developed markets’ most obvious gridlock?

What makes a successful trader? We’ve examined over 40 million trades in the cause of finding out.

The ASX 200 daily chart is fascinating if a little bizarre.

Australia’s most visible equity benchmark has been effectively imprisoned since mid-May. On an intraday basis, the charts show us an index confined between June 8’s low of 5625.8 and June 8’s high of 5845.1.

ASX 200 Technical Analysis: Can The Benchmark Get Out Of Jail?

That 219-point range is narrow enough, Lord knows, but what we might call the real action has been confined to a tighter band yet. Apart from a brief foray higher back in June, which now looks spurious, the tight, 145-point band shown below contains all the price action since May on a daily closing basis.

ASX 200 Technical Analysis: Can The Benchmark Get Out Of Jail?

By way of contrast let’s look at the ASX 200’s US cousin, the S&P 500. It has spent the Northern Hemisphere summer grinding grudgingly but appreciably higher. Certainly no such narrow band applies.

ASX 200 Technical Analysis: Can The Benchmark Get Out Of Jail?

So, is the ASX 200 likely to come to life anytime soon and break its shackles either way? Well, for the moment it’s probably best to assume that it won’t. The index made another foray higher on Tuesday of this week, only to stall once again at the range highs and retrace its gains the following day. Incidentally that is exactly the pattern we saw the week before. What is it about Australian Tuesdays that gives bulls heart?

Some momentum indicators appear to be rising, but not further than they’ve been in the recent past when no range break was evident. Continuing to play this range seems to make sense. Those looking for larger rewards may be advised to wait for a break and then to analyse the nature of it. However, that could be a lengthy wait on current evidence.

--- 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.