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
Mixed
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.61% 🇬🇧GBP: 0.43% 🇳🇿NZD: 0.37% 🇯🇵JPY: 0.18% 🇨🇭CHF: -0.06% 🇨🇦CAD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qChN4x7BRN
  • 🇷🇺 Inflation Rate YoY (JUL) Actual: 3.4% Expected: 3.4% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-08-06
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.04% France 40: -0.02% Germany 30: -0.07% FTSE 100: -0.09% US 500: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1YBsxDGpxy
  • RT @realDonaldTrump: Upon departing the Oval Office for Ohio, I’ve notified my staff to continue working on an Executive Order with respect…
  • Heads Up:🇷🇺 Inflation Rate YoY (JUL) due at 16:00 GMT (15min) Expected: 3.4% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-08-06
  • Japanese #Yen Outlook: $USDJPY Rebounds Off Support- Recovery Levels - https://t.co/3Q9KuieaSE https://t.co/iMyJx8fBwL
  • House Speaker Pelosi says "we have to think big" regarding stimulus $DXY $SPX
  • Hey traders! Get your Thursday market highlighs from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/com5RRIcDN
  • The @bankofengland left all policy measures unchanged today, in line with market expectations, and warned that Q2 GDP is likely to be over 20% lower than Q4 2019. Get your $GBPUSD market update from @nickcawley1 here:https://t.co/2VW5eo6n4e https://t.co/b5JDaKwSy9
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.17% 🇦🇺AUD: 0.05% 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.32% 🇨🇦CAD: -0.38% 🇨🇭CHF: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/REQGchSDuu
ASX 200 Technical Analysis: Evening Star Threatens Deeper Reversal

ASX 200 Technical Analysis: Evening Star Threatens Deeper Reversal

2019-03-19 02:35:00
David Cottle, Analyst
Share:

ASX 200 Technical Analysis Talking Points:

  • The ASX 200 made a new 2019 high last week
  • It hasn’t fallen far since either
  • That said an evening star pattern has been formed that should worry the bulls

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

The ASX 200 sits close to six-month highs and seems reasonably comfortable at altitude, but there are some clear technical warning signs which traders might do well to heed.

The Sydney equity benchmark managed its 2019 peak last Thursday and, while it hasn’t fallen far since, in doing to it made an evening star pattern on the chart which could be a bad sign for the bulls. That pattern can be seen in the daily candles of March 6-8, where the characteristic rise, slip and fall for consecutive days are clearly seen.

Bearish Signs? ASX 200, Daily Chart.

An evening star is a bearish reversal pattern, suggesting falls ahead. In this case that possibility is only compounded by the fact that March 8’s down day took the index below an uptrend line which had previously held all year.

Still, there may yet be cause for hope. So far, the index has refused to collapse. Indeed, it remains above even the first Fibonacci retracement of this year’s rise. That comes in well below the market at 6057.6. Should that give way then there may well be some impetus behind a bearish trade which would abandon the psychologically crucial 6,000 level and put the second retracement at 5916 in focus. But we are not there yet.

First support is likely to be found at the recent lows in the 6120 region and, while these hold bulls can hope that the influence of the evening star may not be severe. Should they give way however then it might be as well to play for a deeper retracement and to be protected against another slip below the 6000 point.

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.

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.