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
  • 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
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/lccPTTlvj0
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here: https://t.co/WIKdSesfkJ https://t.co/Fx0qr32xgI
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRS9MaA7h8
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/4qxwiJsV1K
ASX 200 Aims At Record High As Technicals, Fundamentals Align

ASX 200 Aims At Record High As Technicals, Fundamentals Align

David Cottle, Analyst

ASX 200 Technical Analysis Talking Points:

  • The ASX is close to its 2007 high point
  • Its nearer term uptrend channel faces a topside test
  • Some consolidation is likely, but not a major reversal

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

The ASX 200 came through this year’s very patchy risk appetite in style and is now back within close distance of its own record peaks.

The latest boost has come from suspicions that the European Central Bank could soon bolster the global atmosphere of looser monetary policy, and from hopes that the leaders of China and the US will find constructive things to say to each other on trade at this months’ Group of 20 get-together in Osaka.

So much for the fundamentals. The ASX is closing in on a resistance zone which guards those 2007 peaks. Moreover, a look at the monthly chart reveals that the entrenched uptrend from 2009’s post crisis low remains at least as strong as ever.

ASX 200, Monthly Chart

Meanwhile the daily chart shows that the benchmark is attempting to break above the strong uptrend which has previously contained trade since February 4. It hasn’t managed to do so yet on a daily closing basis. but if risk appetite holds up it almost certainly will.

Of course with no real sign of any serious letup in the bull trend the only real immediate question is where any exhaustion-inspired setbacks may find support.

ASX 200, Daily Chart

Once broken conclusively the channel top may offer some, but possibly not enough to halt any likely retracement.

The first 23.6% Fibonacci retracement of the rise from Februay 4 may offer some. It comes in well below the current market at 6462.2. Perhaps significantly that is also close to where the ASXC made its last significant peak in the last week of May.

It’s probably worth pointing out that a return to this level without a conclusive break of the uptrend channel would look quite bearish in the short term, and on that basis probably isn’t likely.

However the index is looking unsurprisingly overbought at current levels so some consolidation is both probable and necessary in the sessions ahead, even if it probably won’t signal any significant reversal.

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