Presentation in Melbourne, Market Update

I will be presenting for only the second time in Australia this year when I present for the Australian Technical Analysts Association in Melbourne next Thursday 8th December.  The venue is the Telstra Conference Centre – Level 1, 242 Exhibition Street, Melbourne and starts at 6pm with dinner afterwards.

You are permitted to attend one monthly meeting for free as a guest so if you do attend, please identify yourself as my guest at registration – you can click here for more details.

To the markets ….

ASX200

After not looking so good several weeks ago, the index has rallied well over the last couple of weeks to return to above the key 5400 level to its highest point in almost three months above 5500.  It will be interesting to see if the 5400 level can prop up the index leading up to year’s end.

This week the highs / lows reading is 5 / 2, which is probably reflective of how well the index is going.  There were 5 stocks in the top 500 that achieved new all time highs this week and the largest of those is AGL, and the cheapest Data#3 (ASX Code: DTL).

The two new all time lows this week were DFM and XIP.

xjo_20161202

 

Image from MetaStock

AUD/USD

I made a comment last week that perhaps the Australian dollar had entered a new range under 0.7450 / 0.75.  It has done well in the last week or so to rally higher however it has run into stiff resistance at the 0.75 level.  It formed two classic doji candlesticks in a row around 0.75 to confirm the rejection at that level.

I am watching with interest now to see if it can rally again and move back above the 0.75 level and return to its previous trading up to and around 0.77.

As I type this it is trading around 0.7410.

audusd_20161202

 

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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.