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
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Dollar Index remains above 90 as US equities put in a strong session $USD $DXY https://t.co/nKrGpulwmN
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Gold: 1.47% Oil - US Crude: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fkusw10RZZ
  • EUR/USD carves a series of higher highs and lows ahead of the European Central Bank’s (ECB) first meeting for 2021. Get your $EURUSD market update from @DavidJSong here:https://t.co/XXMha8V8dD https://t.co/r7RYOc1u6r
  • Silver noticeably higher during trade, now up over 2% $XAG $USD https://t.co/5G4QlzCdja
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MegXLHg0tp
  • Canadian #Dollar Outlook: $USDCAD BoC Breakdown– #Loonie Levels - https://t.co/3SVBLyMZTI https://t.co/9SzmpyXplC
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 1.39% Wall Street: 0.76% FTSE 100: 0.18% Germany 30: 0.15% France 40: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zBiMtLXZXw
  • US indices remain up following Biden's inauguration, with the S&P and Nasdaq hitting fresh all time highs today. DOW +0.76% NDX +1.83% SPX +1.33% RUT +0.12% $DOW $QQQ $SPY $IWM
  • USD/CAD falls to session lows as Loonie gains immediately after the BoC rate decision. Get your $USDCAD market update from @RichDvorakFX here:https://t.co/4s6kKsljCm https://t.co/FTdgwIL8cF
  • $EURJPY is trading below 125.50 today after attempting to stage a recovery yesterday. The pair had climbed back above 126.00 yesterday after falling to around 125.10, its lowest level since early December, during Monday trading. $EUR $JPY https://t.co/4mWhO9rIzA
ASX 200 Technical Analysis: Upside Failure Keeps Channel Intact

ASX 200 Technical Analysis: Upside Failure Keeps Channel Intact

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.

DISCLOSURES