ASX200
It was probably a good thing that I went away to the event in California as it gave me a little break from repeating myself. The ASX200 index continues to do very little as it moves between 5650 and the key 5800 level, although it has been closer to the former level more of late. Even the other day at golf, two others in my group were talking about the market and how it is going nowhere. One speculated it is the uncertainty around North Korea, another chimed in with his point of view. I don’t believe it really matters what is causing the market to do what it is doing … it is what it is and we have no control over it.
The all time highs / lows reading this week is 10 / 1. Some of the all time highs include the A2 Milk Company (again), Altium, Breville, and South32. The low is Billabong.
Again, the 10 is a reasonable number considering how the general market is performing.
Daily chart of S&P/ASX200 Index | Image from MetaStock
AUD/USD
Whilst earlier this month the Australian dollar made a solid run at the key 0.80 level and in doing so, moved to its highest price in over two years, it has since returned to its prevailing range below 0.80. It has found some recent support around 0.78 and it has bounced off that level a couple of times now in the last couple of months.
The 0.80 level remains key as despite numerous attempts the AUDUSD has been unable to maintain a break through that level. It has been rejected every time.
If it was to continue to ease lower, you could reasonably expect the 0.7750 level to kick in and provide some measure of support, as this level has provided resistance several times over the last 12 months.
As I type this, it is currently trading around 0.7837.
Daily chart of AUDUSD | Image from MetaStock
Important Information
This material is made available by Trading Excellence Pty Ltd (ABN 11 096 024 958) (“Trading Excellence”) and Stuart McPhee who is an Authorised Representative (No 276438) of Australian Stock Report Pty Limited (AFSL 301682 – ABN 94 106 863 978)(“ASR”) and Amalgamated Australian Investment Solutions Pty Limited (AFSL 314614 – ABN 61 123 680 106)(“AAIS”).
This blog is prepared and disseminated for information and discussion purposes only. It is neither an offer to buy or sell securities, or any other financial products nor a solicitation of an offer to buy securities or other financial products. To the extent that any of the content of this website constitutes advice, it is general advice as opposed to personal advice.
Opinions, estimates and projections constitute the current judgement of the author as at the date of publication. They do not necessarily reflect the opinions of ASR, AAIS or any of the related entities, and are subject to change without notice. Whilst the information presented herein is believed to be reliable and sourced from public sources believed to be reliable, ASR and AAIS do not make any representation as to its accuracy or completeness. Past performance is not necessarily indicative of future results.
ASR and AAIS have no obligation to update, modify or amend this publication or otherwise notify a recipient if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate.
Employees and/or associates of ASR, AAIS and its related entities may hold one or more of the stocks, securities or investments reviewed in the newsletter or on the website. Any personal holdings by employees and/or associates of ASR and AAIS and their related entities should not be seen as an endorsement or recommendation in anyway.
ASR and AAIS’ Privacy Statement and Financial Services Guide can be obtained upon request.
No part of this document may be reproduced in any form without the prior written consent of Trading Excellence Pty Ltd.
© Trading Excellence Pty Ltd 2017. All Rights Reserved.
