Stuart McPhee – Australian trader, author, speaker / trading education

ASX200 Eases Below 6000 after 10 Year High – Market Update

ASX200

The index has finally decided to move from the well established trading range and surge higher to a 10 year high (no less) within the last week or so above 6000.  It has however spent this last week easing back below 6000 again.

The all time highs this week:

… with only Baby Bunting (ASX Code: BBN) reaching a new low this week.

Daily chart of S&P/ASX200 Index | Image from MetaStock

AUD/USD

The last few months have seen the AUDUSD decline considerably from above 0.80 to it present trading levels around 0.76.  About a month ago it met resistance around 0.79 which saw the currency sold off strongly to move it back to a then three month low near 0.76 a few weeks ago.

Since that time, it has rallied a little but then fallen further again to now be trading near a five month low below 0.76.  If it continues to decline, the next most likely support might kick in around 0.75 which has supported it numerous times during this year.

The 0.80 level that I have spoken about numerous times in the last six months seems so far away now and it will be interesting to see if the 0.7750 level which provided plenty of resistance earlier in the year resurfaces and affects any rally attempts.

As I type this, it is currently trading around 0.7573.

Daily chart of AUDUSD | Image from MetaStock

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