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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lFLqQtNpNB
  • 🇯🇵 Housing Starts YoY (SEP) Actual: -9.9% Expected: -8.6% Previous: -9.1% https://www.dailyfx.com/economic-calendar#2020-10-30
  • Heads Up:🇯🇵 Housing Starts YoY (SEP) due at 05:00 GMT (15min) Expected: -8.6% Previous: -9.1% https://www.dailyfx.com/economic-calendar#2020-10-30
  • NZD/USD appears to have reversed course ahead of the September high (0.6798) as the wave of lockdowns across Europe drags on risk appetite. Get your $NZDUSD market update from @DavidJSong here: https://t.co/xQ7sqsF0w6 https://t.co/j3glkif7tq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.20%, while traders in NZD/USD are at opposite extremes with 65.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pw6qIORHUJ
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.30% 🇯🇵JPY: 0.20% 🇨🇦CAD: 0.19% 🇨🇭CHF: 0.11% 🇳🇿NZD: 0.07% 🇬🇧GBP: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BTP4ksGwly
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.42% Germany 30: 0.08% France 40: 0.04% Wall Street: -0.60% US 500: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/m2KKGAYVla
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q3) due at 04:00 GMT (15min) Previous: 2.8% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 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/LjEjTexrCg https://t.co/lELbFbVAAO
  • Market Snapshot $USD and $JPY drifting lower against their major counterparts $AUDUSD and $EURUSD pushing to fresh session-highs #Gold and #crudeoil prices moving higher #ASX200 and #SP500 futures drifting to session-lows
Key ASX Prop Survives Test, May Yield If Bears Force Another

Key ASX Prop Survives Test, May Yield If Bears Force Another

2019-08-27 01:46:00
David Cottle, Analyst
Share:

ASX 200 Technical Analysis Talking Points:

  • Global risk appetite continues to drive the index fundamentally
  • Technically retracement support has held once more
  • However it may not survive another test

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

ASX investors have again been shown the value of Fibonacci retracement as a key level from that series has been revealed as important support yet again.

The Australian stock benchmark has of course been buffeted as have all global assets by the vicissitudes of trade headlines flying between Washington and Beijing. As Tuesday’s trade gets going, hostility seems to have been replaced with a more hopeful backdrop but the situation is obviously fluid which means risk appetite must be too.

The ASX 200’s slide was arrested on the daily chart by 6379. That support is the second, 38.2% Fibonacci retracement of the rise up to July’s record high form the 2019 low of January 6. The level continues to be important having held the bears in check in early August and again towards mid-month.

ASX 200, Daily Chart

Still, the Sydney stock benchmark remains well below the long-dominant uptrend which was finally and conclusively shattered by the sharp slide of August 5. More seriously the bulls probably don’t have long to force a new ‘higher high’ above August 22’s intraday peak of 6561 which now stands out as near-term resistance to beat.

They probably need to get this done by week’s end at the latest if the month of August isn’t to start on a sour note. If they can’t then that Fibonacci support level will come into sharp focus once again and, framed by a succession of lower highs it’s unlikely to survive another test.

A break would bring support from mid-May to early June into play. That comes in between 6303 and 6196.

The bulls don’t have long to nail down that higher high above last week’s top if they’re to avoid this scenario.

ASX 200 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