ASX200’s Support at 5650 Holds – Market Update

ASX200

I feel a little silly repeating myself, however the ASX200 index continues to do very little as it moves between 5650 and the key 5800 level with the former providing some more support recently.

The all time highs / lows reading this week is 12 / 3. Some of the all time highs include the A2 Milk Company (again), Rural Funds and Treasury Wine. The lows include Healthscope and Regis Healthcare.

Again, the 12 is a reasonable number considering how the general market is performing.

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

AUD/USD

In the last few days the Australian dollar has made another run at the key 0.80 level only to be sold off again. As I mentioned last week, it is now getting some support from around 0.79 as it has bounced off that level a number of times in the last two weeks. The 0.80 level remains key as around a month ago, it made repeated attempts to move through this level however it was rejected every time, and again a few days ago.

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 0.7937.

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.