AUDUSD Reaches 0.80 – Market Update

ASX200

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

AUD/USD

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

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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.