Forex Marketz Daily Forex News – Fully Markets Update
S&P ASX 200 (4,864.00)
- Should the rebound gain traction, look at resistance at 4,998/5,000.
- Near term support is lining up at 4,860
- Trade strategy: Stand aside
The S&P ASX 200, Australia’s headline equity index moved back higher and is now above the former resistance, now support at 4,860. This is part of the expected retracement began last Friday. We are now noting sustained range trading within a triple bottom. This area is at 4,860 to 4,918.40. This could extend higher, should buyers gain traction, towards 4,998/5,000 next.
Looking at momentum signals in this Aussie market, they remain bullish this week. So, for a short-term bias, those index should inch higher a bit more. However, the S&P ASX 200 remains range locked running from 4,755 to 4,998/5,000. The overall bearish sentiment and trend has not yet abated and still play.
Trade Strategy
Traders should apply a range strategy in the S&P ASX 200 equity market. Buy on dips and look to target the aforementioned resistance levels. Adjust incase of a breakout and if the rebound gains traction. However, a long term bullish trend remains absent in the Aussie equity market
