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ASX200 Index and AUDUSD
The ASX200 is heading south as buyers decide to lock away some gains in a very uncertain environment after breaking into new all time highs recently. The AUDUSD spiked lower and dragged the share market down as Asian markets come under pressure and trade wars take another bite at investor confidence. Trumps comments on tariffs has drawn criticism from China today which may have triggered the sudden selloff around 11am. We will be watching the action into the close to see if some bargain hunting comes back in to support price. The continued volatility and pressure on markets may lead traders to expect further rate cuts from the US Fed Reserve which would also provide some support going forward. Either way, we expect volatility to continue in the near term.
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Index : ASX200
Current Price : 6708
Status : On watch for weakness into close if buyers can not make a stand
30 Minute Chart
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Currency : AUDUSD
Current Price : 0.6769
Status : On watch for weakness into close if buyers can not make a stand
One Hour Chart
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Alert History
Previous Alert 30/7/19
Time Frame : Daily/Weekly
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ASX200 Index
The ASX200 finally kicked up into new all time highs today to get the bulls all excited but could not close above the 6851.5 level. Taking a look at the weekly and daily charts below, there is every reason to believe that we may see a reaction lower. Prices are extended on all timeframes but that alone is no reason to take the bat and ball and go home. The key level now that we will be watching, along with price action, is the 6628 zone. Until this level is broken, bias has to remain up as we may see a squeeze higher as sellers try to pick the top and the action blows straight through the highs. Caution is key though and a bit of effort is required into finding those key setups that are primed and ready if the trend up does continue. If price action starts to get choppy and breaks below 6628, then we may see some short setups to enter. Its all about taking note of the action, planning out the different scenarios and managing risk.
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Index : ASX200
Current Price : 6668
Status : On watch for a potential consolidation at the highs
Weekly Chart
Daily Chart
