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
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
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
Mixed
USD/JPY
Bearish
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
More View more
Real Time News
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
  • So long as the market's keep going up, there is less reason for the administration not to take more drastic action to pursue options to leverage near-term growth through policies like protectionism https://t.co/HPUmh5v83V
  • Heads Up:🇺🇸 Consumer Credit Change due at 19:00 GMT (15min) Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • President Trump says the EU charges US seafood tariffs it doesn't charge Canada, threatens EU auto tariff if the EU does not lower lobster levy Just when things were settling down somewhat, it seems we now have the possibility of a US-EU trade war $DAX $SPY
  • Trump threatens auto tariffs on the EU in response to the levy on lobsters - BBG
  • Rising confidence: US 10-Y yield most since MAR 20 #Gold fell to lowest since mid-April #NFP #XAUUSD https://t.co/F04ZibU3jB
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.29% Silver: -1.94% Gold: -2.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HJrG1dsfDg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.09%, while traders in US 500 are at opposite extremes with 74.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tR5eXKFLr8
ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

2018-11-12 03:00:00
David Cottle, Analyst
Share:

ASX 200 Technical Analysis Talking Points:

  • The ASX has edged back into a long-term uptrend channel
  • However the bulls have plenty of work to do
  • The last key high remains elusive and will have to be recaptured

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

The ASX 200 remains within the short uptrend that has been in place since late October.

However, this break higher has not yet managed to put the Sydney stock benchmark conclusively back into the broader, daily chart which had previously held strong since late 2016, only to give way in September of this year.

ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

The next few sessions could therefore be most interesting from the point of view of likely direction into year-end. The bulls’ first order of business must be to top the previous, short-term significant peak. That comes in at 5972.7, the intraday peak of October 19. It is not far above current market levels but it remains elusive on a daily closing basis and the bulls need to recapture it.

ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

We might note that, even if they can get there, they will still have plenty to do if they are to overcome completely the sharp series of daily falls that took the index down between October 9 and 11. Doing that will be the bulls’ second order of business but that first, 5972.7 level will be at least an informative gauge of their resolve.

ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

On a broader basis, the index appears to be stuck between the first, 23.6% Fibonacci retracement of the rise up from late 2016’s lows to the peaks of October this year at 6042.3 and the third, 50% retracement at 5691.9.

For the moment, it is hovering around the mid-level, 5858.5, and the fate of that may well determine near-term direction. It is holding, but the market is only about 70 points above it. The best plans this week may be to keep playing that newish uptrend channel, with any break deemed a reasonable directional clue.

ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

It will be interesting to see whether the uptrend can endure until it retakes that late October high.

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

News & Analysis at your fingertips.