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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
ASX 200 Technical Analysis: Upside Failure Keeps Channel Intact

ASX 200 Technical Analysis: Upside Failure Keeps Channel Intact

2018-04-12 00:30:00
David Cottle, Analyst

Talking Points:

  • The ASX 200 seems to have confirmed its trading range once again
  • This also suggests that the dominant down channel remains in play
  • Neither trend seems worth fighting yet

Join our analysts for live coverage of all major Australian economic data at the DailyFX Webinars

The ASX 200 index seems to have validated its current trading range with a failure to crack the upside.

Tuesday’s peak of 5851.2 matched the range top, that peak having been seen previously at the end of March.

ASX 200 Technical Analysis: Upside Failure Keeps Channel Intact

Having failed to top that point, retreats should find initial support in a band between 5733 and 5766.9. This range has constrained trade on a daily-closing basis since April 3. However, should it break ,then the lows of April 2 will come into play, and they are really all that will then stand between the Sydney sotock benchmark and its broader range low which comes in at 5819.2.

For now, that level looks safe enough even though the bears seem to have regained a little momentum. Much of this is likely due to diminished global risk appetite in any case. Worries about Western military intervention in Syria have joined fears for Sino-US trade on investors’ panic list. Of course. neither issue bears intrinsically on ASX valuations and snap-back in risk appetite could see the range top challenged again.

However, as this week fades out the path of least resistance still looks firmly downward.

It’s notable that the ASX’s failure at its range top also keeps it well within the overall downtrend channel which has pertained since March 21, and which it itself merely an extension of the long, gradual fall from early January’s high.

It’s probably best for now to simply play the limits implied by the range and channel in place, keeping one eye on the headlines. The ASX seems to be once again effectively trading the narrow ‘super range’ which kept it in check for much of the mid-part of 2017.

It will probably need a serious challenge to break it either way.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.