Continuing to Fight – Market Update

ASX200

The ASX200 is showing some fight and has been able to move through the key level of 5800, even if only for the last few days.  Throughout the last month the ASX200 has attempted on numerous occasions to rally and move back above this level, and it has enjoyed some decent support from 5600 a week ago.

The all time highs / lows reading this week is a staggering 24 / 8.   Some of the all time highs include household names like CSL, Cochlear and Aristocrat.   The 8 stocks that achieved all time lows this week include Surfstitch, Apiam, and Adairs.

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

AUD/USD

The Australian dollar has also been fighting hard to rally higher and has been able to surprise a few people over the last couple of weeks as it has rallied strongly back through the key resistance level at 0.75 and to its highest levels in two months near 0.7650.  It has shown some weakness over the last few days with large tails at the top of the candlesticks indicating rejection for higher prices.

Interestingly it is stuck in no man’s land as the two levels at 0.75 and 0.77 have both played a significant role in the last 18 months and it is as if the currency doesn’t know which way to head next.

As I type this, it is currently trading around 0.7590.

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.