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
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
Oil - US Crude
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
  • #Silver’s recent bull run may have run its course in the short-term with the sharp sell-off from the September 4 high print at $19.66/oz.Where is Silver heading? Get your market update from @nickcawley1 here: https://t.co/oVAZ4wPR7z https://t.co/1LvLXmqnwx
ASX 200 Technical Analysis: Daily, Monthly Charts Suggest Tiredness

ASX 200 Technical Analysis: Daily, Monthly Charts Suggest Tiredness

2019-03-11 00:28:00
David Cottle, Analyst

ASX 200 Technical Analysis Talking Points:

  • The ASX made a new high for 2019 last week
  • However, the retreat from that top took it below its uptrend channel
  • That need not be terrible news but bulls need to hang on

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

The ASX 200 shows tentative signs of exhaustion on its daily chart as a new week gets under way and so the next few sessions could prove to be most instructive.

The Sydney blue-chip benchmark crept below the well-respected uptrend channel which has marked the ascent from the lows of December on a daily closing basis last week for the first time ever. This is not yet a major setback for the bulls, however, as, given the length and strength of the rise, some consolidation was probably in order.

ASX 200 Index, Daily Chart

However, the magnitude of any immediate retracement will probably be a key directional clue. If falls can be limited to a support zone near at hand between 6126 and 6040 then they will probably seen as a healthy pullback in an overbought market and, conceivably, a platform for further gains.

That trading band held the index between February 6 and 20 last year. Although that period was marked by the small daily ranges which can indicate a degree of indecision, it also encompasses the 6069 point which is the first, 23.6% Fibonacci retracement of the rise up from those December lows to 2019’s peak- 6285.3.

If that gives way on a daily or weekly close, then things could be getting more serious for the bulls. The next retracement level comes in at 5935.3 but, given the crucial psychological importance of the 6000 level to this index, the surrendering of that point could see 50% retracement at 5827 come into rapid focus.

The ASX is also showing some signs of topping out on its monthly chart, with the clear risk of a lower low being made below last August’s peak. This will also bear watching.

ASX 200, Monthly Chart

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!

provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.