I am not sure there is much more I can say about the S&P/ASX200 Index. It continues to move between 5650 and 5800 and not do much else. The selling pressure / resistance continues at 5800 and again, with the resistance in place and playing a significant role, the key level of 6000 seems so much further away.
The all time highs / lows reading this week is 9 / 1. Some of the all time highs include Kogan.com, REA Group and the A2 Milk Company. The low is Mitula Group.
Daily chart of S&P/ASX200 Index | Image from MetaStock
The Australian dollar has continued to enjoy relatively high prices as it been able to move a little higher pushing through the 0.80 level for the first time in over two years. Towards the end of last week it did form the classic doji candlestick near that level indicating some weakness in the up trend which showed a little throughout this week as it consolidated a little below 0.80.
It has however in the last 48 hours pushed strongly through the 0.80 level to reach the high around 0.8065 before being sold off reasonably strongly in the last 24 hours back down to below 0.80.
Interestingly, the 0.80 level doesn’t have too much history of being a key level. If you scroll back through a chart of the AUDUSD, you have to go back to around mid 2010 to see the 0.80 level having a significant impact on price.
As I type this, it is currently trading around 0.7970.
Daily chart of AUDUSD | Image from MetaStock
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.