AUDUSD runs into 0.77, Market Update

Did you end up watching the webinar I did for MetaStock towards the end of last year?  In it I discussed some of the rules I use and how I implement them in my analysis software.  You can watch it below:

ASX200

The index has spent the last few weeks easing off a little however significantly it has enjoyed some support from a new key level at 5600 for the last week or so, which provided some resistance over the last six months or so.   The high a few weeks ago above 5800 was close to a two year high which reflects how well the market has been performing.

The index hasn’t done a lot this week with the volatility percentage remaining quite low around 0.85%.  As you would expect the index did enjoy a little more support from 5600, and this may be the support it needs to push on higher from last year’s period of consolidation above 5000.

The all time highs / lows reading this week is 7 / 3.  There were 7 stocks in the top 500 that achieved new all time highs this week and the largest of those is again AGL, and the cheapest United Overseas (ASX Code: UOS).   There were 3 stocks that have lowered themselves to all time lows and they are Adairs (ASX Code: ADH), Integral Diagnostics (ASX Code: IDX) and Ozforex (ASX Code: OFX).

Image from MetaStock

AUD/USD

After meeting resistance around 0.7580 for a couple of weeks, the Australian dollar has surged higher to a near three month high just shy of 0.77 (it got within a few pips).  As you could have expected, it was sold off reasonably strongly from this level being the previous key resistance level throughout the second half of last year.

After having provided some support a few weeks ago, it will be interesting to see whether the 0.75 level plays a role again in the near future and continues to keep the Australian dollar in the top half of the 70 cents – 80 cents range.

As I type this it is trading around 0.7650.

 

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.