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
Mixed
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
Gold
Mixed
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/TwrOBFgIwj
  • Gold prices were crushed this week as yields continued to climb. But with a big spot of support coming in, can buyers bring a bounce ahead of NFP? Get your market update from @JStanleyFX here: https://t.co/E1TTXVJGUm https://t.co/pD4TeAY3ZP
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/PiLYJDVvtY
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/453MLny2lu
  • The haven-linked US Dollar may be in a position to benefit in the short-run as economic recovery bets support longer-dated Treasury yields, making them more competitive with stocks. Get your market update from @ddubrovskyFX here: https://t.co/BickxlcuZi https://t.co/OdARp4Z1mh
  • The Dow Jones and Nasdaq 100 look to be on diverging technical paths as volatility spikes. Meanwhile, the S&P 500 teeters on support as it splits the difference between its sister indices. Get your market update from @PeterHanksFX here: https://t.co/0gULgIN2kw https://t.co/dzuxyjkXmx
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/yTYG7ote3R
ASX 200 Resilience To Trade War Fears Falters, Key Support Looms

ASX 200 Resilience To Trade War Fears Falters, Key Support Looms

David Cottle, Analyst

ASX 200 Technical Analysis Talking Points:

  • The ASX has retreated quite sharply in the past week
  • Bulls have a line to hold and not much time in which to hold it
  • Falls below the current uptrend may be sharp

Find out what retail foreign exchange traders make of the Australian Dollar’s chances right now at the DailyFX Sentiment Page.

Is the party over at last for the ASX 200?

The Australian stock benchmark defied trade-gloom and diminished global risk appetite quite well up until the end of last week. Rising iron ore prices and a weaker Australian Dollar burnished the appeal of what should probably have been among the hardest hit indexes of all given Australia’s clear links to both China and the US.

Still, despite some fundamental resilience, I suggested last week that the index may well be tiring, and so it seems to have proven since. Admittedly the index remains just within the uptrend channel which has bounded trade since February 4. However, its slide toward the channel base has accelerated sharply since April 22 and a test now seems likely, possibly quite soon.

ASX 200, Daily Chart

Moreover, this base takes the lows of May 14 into account. Indeed, they constitute its only confirmation since the channel began. Its plausible to view those as quite spurious for these purposes and, if we do, then the index is probably already below any uptrend which ignores them.

Even so the bulls may yet have something to play for if they can hold the current line, and it will be instructive to see how much support if any the channel base at 6271 can provide. Bear in mind that the first Fibonacci retracement of the rise as a whole has already given way. It was at 6362.5 and fell on Friday of last week. Focus is now on the second retracement, 38.2%, which comes in within a few points of the channel base at 6268.

Should that to be surrendered on a daily and weekly closing basis then the uptrend overall would be clearly in trouble and immediate focus would then probably fall on a band of support between 6235 (May 15’s low) and 6094 (the low of March 27). In turn trade in this area would bring the psychologically crucial 6000 point perhaps uncomfortably close, and investors should probably be wary in that case of a quick fall below it, possibly followed by further falls.

The bulls are going to have to try to form a base around current levels if they’re going to have another try at recent highs. However, the index is not at this point oversold and the fundamental picture doesn’t make this look very likely.

The index might get some fundamental support from the looser monetary policy overwhelmingly expected from the Reserve Bank of Australia later Tuesday, but against the global backdrop this could be quite fleeting.

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