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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
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
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/Xi9QU3ADPF
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/cQwbeZ6Feq
  • #Oil prices saw a reprieve to the recent selling pressure but remain at risk while below downtrend resistance. Here are the levels that matter on the #WTI technical chart. Get your #commodities update from @MBForex here: https://t.co/CcXsF3JCMH https://t.co/RUmS1cX52v
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/boEI8RuQdC
  • The growth-linked New Zealand Dollar may rise on the upcoming #RBNZ rate decision following rosy economic data. However, downside potential in the S&P 500 could offset $NZDUSD gains. Get your #currencies update from @ddubrovskyFX here: https://t.co/LfCe6C6G3P https://t.co/kUeBxxeaEf
  • It was a quiet week in Aussie as $AUDUSD put in its second consecutive week of indecision. But taking a more granular look highlights the potential for a reversal scenario. Get your #currencies update from @JStanleyFX here: https://t.co/PPK20nubAf https://t.co/0nfmRRFNnz
  • The S&P 500 pushed the market's comfort with a head-and-shoulders pattern through Friday's close. What should we look for in technical patterns, overlapping fundamental tides and speculative positioning for the likes of $EURUSD next week? https://www.dailyfx.com/forex/video/daily_news_report/2020/09/19/EURUSD-Pressure-Building-while-Anxious-Traders-Weigh-Did-SP-500-Break.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/lgVJVwi8th
  • Sterling remains trapped by overarching fundamentals drivers and both $GBPUSD and $EURGBP are going to have to wait until the Brexit dust settles. Get your #currencies update from @nickcawley1 here: https://t.co/vF1K1cy0nd https://t.co/NSA7qiQihc
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/d9EmTOHyTv
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
ASX 200 Technical Analysis: Crucial 6000 Support Back In Focus

ASX 200 Technical Analysis: Crucial 6000 Support Back In Focus

2018-10-09 01:30:00
David Cottle, Analyst
Share:

ASX 200 Technical Analysis Talking Points:

  • The index has been above the key 6000 level for five months
  • However that’s less than half the time it managed on the last occasion it got up here
  • Bulls probably need to defend this point now

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

ASX traders seem to have abandoned all hope of revisiting August’s ten-year highs anytime soon, with the index instead sliding to lows not seen since June of this year.

The global fundamental backdrop has a lot to answer for here, with investor worries that many more US interest rate rises are still to come in this cycle weighing on Wall Street and rippling out into the world beyond. Trade-war fears remain very real and these will always hit the stock markets of a trading nation like Australia.

Technically speaking the Sydney stock benchmark looks to be in some trouble now. On its daily chart you can clearly see that its sharp, recent falls have taken it on a daily-closing basis below both the first and second Fibonacci retracement levels of its long rise up from the lows of March to those impressive, ten-year peaks.

ASX 200 Technical Analysis: Crucial 6000 Support Back In Focus

These come in at 6202.0 and 6091.9, respectively. Bulls would need to capture and consolidate that second retracement if they are to build a base from which to try a fight back but, so far, there seems little sign that they possess that kind of resolve.

Indeed the focus remains squarely to the downside, where the significant 50% retracement lurks ominously, at 6003. If that gives way the index would be in serious trouble from the bullish perspective with the path from those March lows in the 6600 region barred by very few obvious areas of likely lasting support.

Much may depend on whether the index can hold up above the psychologically crucial 6000 level, now only 40 points or so away to the downside. The ASX has managed to hold above that for five months, which is only about half the time it managed at such altitudes during the last serious foray up here, back in 2007/8.

ASX 200 Technical Analysis: Crucial 6000 Support Back In Focus

A daily or weekly close below that point might well be the clearest sign yet that the bulls are giving up on the index.

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