ASX200 Continues to Move Higher Above 5900 – Market Update

ASX200

Well it has certainly enjoyed a nice run in the last few weeks moving to close to a five month high above 5900 within the last week.  If you flick through the charts of the top 20 stocks, sure enough, most of them have enjoyed a solid few weeks moving higher but not many of the charts look that good … quite a few are well down from where they started the year, eg. Telstra, Westfield and Brambles.

The all time highs this week:

  • ADELAIDE BRIGHTON  ORDINARY
  • BEGA CHEESE LTD  ORDINARY
  • BLUE SKY LIMITED  ORDINARY
  • BWX LIMITED  ORDINARY
  • COCHLEAR LIMITED  ORDINARY
  • COSTA GROUP HOLDINGS  ORDINARY
  • CVC LIMITED  ORDINARY
  • DULUXGROUP LIMITED  ORDINARY
  • FISHER & PAYKEL H.  ORD FOR. EXEMPT NZX
  • INDUSTRIA REIT  STAPLED
  • INTEGRATED RESEARCH  ORDINARY
  • INVOCARE LIMITED  ORDINARY
  • NEXTDC LIMITED  ORDINARY
  • ORORA LIMITED  ORDINARY
  • PRO MEDICUS LIMITED  ORDINARY
  • THE A2 MILK COMPANY  ORDINARY
  • TREASURY WINE ESTATE  ORDINARY

… with only a couple of new lows this week.  Again, the list of all time highs above is quite the healthy number when the market is still below 6000.

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

AUD/USD

Whilst many are almost celebrating the surging ASX200 index of late, the same cannot be said about the AUD/USD.  The last couple of weeks have seen the resistance around 0.79 win out as the currency has been sold off strongly to move it back to a three month low near 0.76.  If it continues to fall, 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 of late 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.

As I type this, it is currently trading around 0.7641.

Daily chart of AUDUSD | Image from MetaStock

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Stuart McPhee
Stuart McPhee

Australian private trader for nearly 20 years, author, trading coach, licensed adviser and regular speaker at major trading events all around the world. Graduate of RMC Duntroon and former Australian Army Officer.