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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 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/roqwTv3eyP
  • Technical analysis of charts aims to identify patterns and market trends by utilising 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/ghcFd5ufaD
  • 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/fYgcMxImlP https://t.co/kkekBVYvhV
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/VwIkOMpvYl
  • “The UK and EU have agreed to return to the negotiating table to try to agree a post-#Brexit trade deal. But on Friday, a joint statement said ‘significant divergences’ remained.” - BBC News #GBP
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/Sy3g6HGLrR https://t.co/aRfVCRZut3
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/uUh18lR3yK
  • The rising wedge is a popular reversal pattern that is predictive in nature and can give traders a clue to the direction and distance of the next price move. Incorporate the rising wedge in your trading strategy and learn more here: https://t.co/zTTk2WOrj9 https://t.co/q5oBalZieU
  • Both the S&P 500 and $EURUSD will enter the coming week with momentum to their back. What can trip up the rallies? What could keep them going? My overview for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/05/SP-500-and-EURUSD-Rallies-Face-Different-Conviction-Questions-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/YfEXEhkbhl
  • After the recent strength of EUR/USD, a period of consolidation is likely ahead of two critical meetings: of the European Central Bank and the European Council. Get your $EURUSD market update from @MartinSEssex here:https://t.co/Slu7tHo2a4 https://t.co/9am4szeia1
ASX 200 Technical Analysis: Range Break Could Come Quite Soon

ASX 200 Technical Analysis: Range Break Could Come Quite Soon

2019-01-29 04:00:00
David Cottle, Analyst
Share:

ASX 200 Technical Analysis Talking Points:

  • The ASX 200 has been range trading since mid-month
  • The last time this range broke heavy falls followed
  • A repeat is unlikely but this week could bring proof either way

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

The ASX 200 has broken below the uptrend channel which previously bounded trade between late December’s lows and the peaks of mid-January.

Still, despite that break the Sydney stock benchmark has not so far fallen very far and, indeed, seems to have settled back into a familiar range.

ASX 200 Technical Analysis: Range Break Could Come Quite Soon

Its current trading band comes in between 5823 and 5936. That was also the daily chart range between October 30 and November 13 last year. On that occasion the range broke to the downside, presaging a sharp fall down to those December lows.

This time, however, much may depend on the fundamental news flow with which this week is replete. If the US Federal Reserve sounds more cautious about future interest rate rises, then stock markets worldwide could get at least a knee jerk boost. Signs of rapprochement on trade when Chinese officials meet their US counterparts in Washington could have much the same effect. Then there’s Australian inflation data. The weakness expected to be seen here on Wednesday might also give domestic stocks a lift on the thesis that interest rates will remain low, although the heavily weighted banking sector might well dislike such an outcome and act as a drag.

In any case the bulls may well find progress slow, even if they can break the range top. The next clear upside target would be some way above the market at 6144. This was where October’s steep falls began and it will probably be a slow slog back up to that level, one providing those bulls with many tests of nerve.

If the range breaks to the downside then meanwhile then its first support looks likely to come in at 5785.0. That is the first Fibonacci retracement level of the rise up to January’s peaks from the lows of late December.

Resources for Traders

Whether you are 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