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.

Free Trading Guides
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
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
ASX 200 Technical Analysis: At Last The Super Range Is History

ASX 200 Technical Analysis: At Last The Super Range Is History

2017-10-17 04:03:00
David Cottle, Analyst
Share:

Talking Points:

  • The ASX 200 has put in a steady run of gains
  • In the process it has managed to close above a notable resistance point
  • Could the year’s highs come back into range?

Just getting started in the trading world? Our beginners’ guide is here for you. Do check it out.

Last week could have been quietly crucial for the ASX 200.

Without fanfare the Australian equity benchmark managed a Friday close above what we I have taken to calling its Super Range. That’s the narrow, 150-point trading band which had contained all the action on a daily close basis since May 17. Hard to believe? You can see it clearly in the chart below.

ASX 200 Technical Analysis: At Last The Super Range Is History

And if we zoom in we can see that the bulls have managed to engineer the first decisive range break we have seen.

ASX 200 Technical Analysis: At Last The Super Range Is History

Can they make it stick? Well, as you might expect after an impressive run of nine straight higher closes, they are looking a little exhausted, at least for the time being. The ASX’s Relative Strength Index has nudged into the overbought danger zone above the 70 level (it’s now around 74). This suggests that the benchmark could probably do with a period of consolidation and it will be fascinating to see where the lower boundary of this process proves to be.

At present the index can probably look to support at the Super Range’s old maximum altitude -June 14’s intraday top of 5842.3. Below that there’s its highest daily close, the same day’s 5807.7. However, while those points are clearly interesting ones for Super Range followers, they are a little distant now, historically speaking. So retracements may instead come back as far as more recent props. That could mean that more recent highs are the ones to conjure with, such as those of mid-August in the 5785 area.

ASX 200 Technical Analysis: At Last The Super Range Is History

We can’t know yet of course whether the index will have the legs to push on back to its 2017 peak just under 6,000. But an upside Super Range break was a necessary first step- a first step which has now been taken.

--- 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.