Advertisement
Australia markets closed

  • ALL ORDS

    7,937.50
    -0.40 (-0.01%)
     

  • ASX 200

    7,683.00
    -0.50 (-0.01%)
     

  • AUD/USD

    0.6498
    -0.0002 (-0.04%)
     

  • OIL

    82.80
    -0.01 (-0.01%)
     

  • GOLD

    2,329.60
    -8.80 (-0.38%)
     

  • Bitcoin AUD

    98,869.73
    -3,185.52 (-3.12%)
     

  • CMC Crypto 200

    1,380.32
    -43.78 (-3.08%)
     

  • AUD/EUR

    0.6072
    +0.0001 (+0.02%)
     

  • AUD/NZD

    1.0946
    +0.0004 (+0.03%)
     

  • NZX 50

    11,946.43
    +143.15 (+1.21%)
     

  • NASDAQ

    17,526.80
    +55.33 (+0.32%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • Dow Jones

    38,460.92
    -42.77 (-0.11%)
     

  • DAX

    18,088.70
    -48.95 (-0.27%)
     

  • Hang Seng

    17,201.27
    +372.34 (+2.21%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

AUS 200 Technical Analysis: Bounce Back from Triple Bottom

Nathalie Huynh

DailyFX.com -

Talking Points:

  • AUS 200 Strategy: (small) trade the rebound for initial target at 23.6% Fibonacci

  • Flows around weekend support upside extensions

  • Support: 4918 triple bottom. Resistance: 23.6% Fibonacci, then 5200 region

AUS 200 today shows early sign of a rebound from its triple bottom around 4918. This support level is of course still under watch until the rebound proves to last. Short term traders could play this reversal with small target at 23.6% Fibonacci of 5078. Typical profit-taking flows before the weekend may have added to upside extensions.

Those with short positions could investigate profit-taking at opportunistic prices, then re-enter or switch to bullish trade next week. Alternatively, those who prefer to hold shorts should keep their stops tight and get out at repeated failures to challenge the triple bottom.

ADVERTISEMENT

The index remains largely range-bound. Any breakout on the downside would face 4760-80 firm support area. The 23.6% Fibonacci marks a mid-range level that could be utilised for stops or targets. Above that is 5200 resistance region that topped price action during September.

AUS 200 Technical Analysis: Bounce Back from Triple Bottom
AUS 200 Technical Analysis: Bounce Back from Triple Bottom

Losing Money Trading Forex? This Might Be Why.

--- Written by Nathalie Huynh, Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.