ASX200 has a Headache at 6000 Again – Market Update

ASX200

After falling reasonably strongly from the 10 year high in the last couple of weeks, the ASX200 index has attempted to rally higher and just run straight back into the key level of 6000, which has provided some angst recently.

The all time highs this week:

  • ALTIUM LIMITED  ORDINARY
  • ARB CORPORATION.  ORDINARY
  • ARENA REIT.  STAPLED
  • BREVILLE GROUP LTD  ORDINARY
  • COMPUTERSHARE LTD  ORDINARY
  • CSL LIMITED  ORDINARY
  • CVC LIMITED  ORDINARY
  • DICKER DATA LIMITED  ORDINARY
  • DULUXGROUP LIMITED  ORDINARY
  • FISHER & PAYKEL H.  ORD FOR. EXEMPT NZX
  • INSURANCE AUSTRALIA  ORDINARY
  • INVOCARE LIMITED  ORDINARY
  • LINK ADMIN HLDG  ORDINARY
  • MACQ ATLAS ROADS GRP  ORDINARY STAPLED
  • MACQUARIE GROUP LTD  ORDINARY
  • MNF GROUP LTD  ORDINARY
  • NEXTDC LIMITED  ORDINARY
  • PRO MEDICUS LIMITED  ORDINARY
  • REA GROUP  ORDINARY
  • RELIANCE WORLDWIDE  ORDINARY
  • RESMED INC  CDI  10:1 FOR. EXEMP
  • SEEK LIMITED  ORDINARY
  • THE A2 MILK COMPANY  ORDINARY
  • THE CITADEL GRP  ORDINARY

… 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 trade at a five month low just above 0.75.  As I mentioned last week, 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 0.7624.

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.

 

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.