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.

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
Wall Street
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
  • All eyes on the Fed on Wednesday as investors weigh on chances of a taper announcement. Get your weekly equities forecast from @HathornSabin here: https://t.co/Cv06XcvldF https://t.co/I12g2YPkdE
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/KsPiWBysiR
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/iUvhLfQgcK
  • The US Dollar caught a bid in the late part of last week to set a fresh September high. FOMC is around the corner, are bulls going to be able to push for another fresh high? Get your weekly US Dollar forecast from @JStanleyFX here: https://t.co/ZkDHyV1VhM https://t.co/w5sPChKdNx
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/bde30KM8OE
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here: https://t.co/sjh91mjtXs https://t.co/dGT067zKnH
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/VLZQhrQTAf
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/j5xDAG6LLb
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here: https://t.co/m920Uvmngm https://t.co/yQYtfHf66s
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/Dqq9S9vGvo
ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

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

David Cottle, Analyst

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