Skip to Content
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. See our updated Privacy Policy here.



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
More View More
ASX 200 Technical Analysis: Rise Puts All-Time High In Focus

ASX 200 Technical Analysis: Rise Puts All-Time High In Focus

David Cottle, Analyst
What's on this page

ASX 200 Technical Analysis Talking Points:

  • The ASX has powered on to new 10-year highs
  • The next major target is the all-time peak
  • However near-term support looks firm

Get live, interactive coverage of all major Australian economic data at the DailyFX Webinars

The ASX 200 made new ten-year highs last week, boosted fundamentally by upbeat earnings reports from both Australia and the US.

The Sydney stock benchmark is now at highs not seen since January 2008 and bulls must now have their sights set on the peak made on that impressive upward foray- November 2007’s 6873.20. However, that is also the all-time record high and still some way above the market.

ASX 200 Monthly Chart

Well, the ASX’s daily chart shows quite a well-respected medium-term upward channel extending from the lows of July 25. There are some signs that upside momentum is waning a little here but, all the same, the channel base remains comfortably far off for the bulls, around 6252 even if the top at 6415 doesn’t look like being hit anytime soon either.

ASX 200 Daily Chart

Still, the uptrend still looks valid and the channel remains probably worth playing even if, as seems likely, we get some consolidation now. The index’s momentum indicators look unsurprisingly a bit stretched to the upside and some time for them to cool off will probably be seen as a very good thing by the bulls, especially if the channel endures through it.

The downside does not seem too much in focus at present. When it does, though, support looks firm in the 6320-6197 band. That has bounded trade between early July and last week. Significantly, the lower bound of that range is at the first, 23.6% Fibonacci retracement of the long rise up from the lows of April to the current highs.

ASX 200 Daily Chart

Near term falls will probably find support within the bounds of that former trading band.

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.