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
Bullish
GBP/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
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • The Australian Dollar remains severely weighed down by #coronavirus worries and a lack of domestic data points will probably keep that story in the driving seat. Get you $AUDUSD market update from @DavidCottleFX here: https://t.co/qswUnnXVwR https://t.co/NyZ0iEpILm
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/uOLKRebXB1
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVzX6w https://t.co/GDTFHvUIf7
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
ASX 200 Technical Analysis: Closer to a Lasting Reversal?

ASX 200 Technical Analysis: Closer to a Lasting Reversal?

2018-05-29 02:00:00
Daniel Dubrovsky, Analyst
Share:

ASX 200 Technical Analysis:

  • ASX 200 could be putting in a reversal of its dominant uptrend since April
  • Immediate support is 5,982 and a push below that exposes a January line
  • If the index climbs, it faces a near-term falling line prior to key resistance

Find out what the #1 mistake that traders make is and how you can fix it!

The ASX 200 once again appears to be heading lower after failing to push above the highs placed back in early January and thus forming a Double Top reversal pattern. Further backing this argument is the presence of negative RSI divergence which shows ebbing momentum to the upside. A pronounced reversal may eventually find the index testing the rising trend line from February 2016 followed by key horizontal support at 5,682.

ASX 200 Weekly Chart: Double Top, Negative RSI Divergence

ASX 200 Weekly Chart: Double Top

On a daily chart, we can take a closer look at critical areas to watch if the ASX 200 reverses its dominant trend from April. Standing in the way as immediate support appears to be 5,982 which consists of the May 24th and May 28th lows. A push below that exposes a descending resistance line from January 2018 which could act as new support. This area is also closely aligned with the 38.2% Fibonacci Retracement at 5,951. A break below that places the 50% midpoint at 5,951 as the next target.

If the ASX 200 tries to climb back to 6,151, immediate resistance is 6,060 which consists of the May 3rd, 4th and 20th lows. A push above that places a near-term descending line as the next target which could halt its progress. An ascent above that paves the way for the ASX 200 to retest the January and May highs. In such an instance, a struggle to push above this critical area may even lead to a triple top bearish reversal pattern. With that in mind, keep a close eye on RSI for any divergences.

ASX 200 Daily Chart: Will Former Resistance Act as New Support?

ASX 200 Daily Chart

ASX 200 Trading Resources:

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.