ASX200 set to resume its battle with weekly trendline resistanceThe ASX200 finished +38 pts (0.47%) higher yesterday at 8252. The push above 8250 significantly reduced the chances of a potential head-and-shoulders topping pattern and following gains on Wall Street overnight, the ASX200 is set to resume its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.
A sustained break above 8300/10 would set the ASX200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8300/10 combined with a fall through support at 8110/00 would warn that a deeper pullback is underway.
ASX futures closed 37 points (0.45%) higher this morning at 8321, which points towards the ASX200 opening at ~8290.
AUS trade ideas
ASX200 - Still early days watching for a head and shoulders top ASX200 It's still early days, but worth flagging to keen followers of the Australian Stock Market.
This morning, the ASX200 surged to a high of 8238.2, falling just short of the September 20th high of 8246.2 and the September 30th record high of 8285.70.
If the ASX200 were to now fall away from the 8250 resistance area, it's possible that it is tracing out the right shoulder of a conventional head-and-shoulders topping pattern.
In this instance, a sustained break below the neckline at 8105ish would confirm a head-and-shoulders top and project a decline towards support at 7920/00.
AUS200 - Prepare for the battleTeam, those of you who follow the chart accordingly will find the movement that we predicted earlier.
If you have short the top, congratulations, if you missed it, here is the plan
we are shorting AUS at 8203-8207 with stop loss at 8250
We will add extra short at 8225-8232, same stop loss
Our target at 8176
target 2 at 8154
target 3 at 8132
Once the price drops below 8170, the trial stop loss to BE or 8207
ASX200 defies Septembers reputation as a challenging monthThe ASX200 closed out September in style, with the index at record highs after a monthly gain of 2.20%. While the gains at the index level were more a steady march higher, there were fireworks at a sector level as easing measures announced in China last week sparked a tectonic shift from out of the banks and into the big miners.
Provided the ASX200 confirms yesterday's break above 8250 in the sessions ahead, it opens the way for a rally towards 8400. Aware that if the ASX200 returns to the trend channel and then loses support at 8120/00ish, it warns that a deeper pullback towards 7900 is underway.
ASX futures closed 32 points (-0.39%) lower this morning at 8274, indicating that the ASX200 should open lower this morning at 8238.
AUS200 TO FORM DIVERGENCE (Buying to sell)AUS200 has reached a new major high
I'm expecting price to do a correction towards the new high
Before price starts falling again
If price does what I am expecting
I'll buy when a breakout and retest happens
and I will be selling on next key level (Resistance)
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AUS200 WAITNG FOR RETEST AND SHORT - DOUBLE TOPTeam, yesterday we had a beautiful trade with 6/6 all-target hitting.
But every day is another day, let's focus on today.
It looks like AUS200 will be moving in a tight range.
We only trade when the price kicks in our set-up range.
We want to short AUS200 AT 8178-8176.2 - (double top). Yesterday's high may be retested.
Our stop loss would be around 8208
Target 1 at 8159.20 and Target 2 at 8123.20
If it breaks below yesterday's low, will be going into the target 3 at 8105 and 8078 ranges
ASX200 initial signs of upside rejection On Friday, the ASX200 ran head-on into our band of daily and weekly trend channel resistance at 8230/50ish, from which we saw initial rejection.
A loss of support at 8120/00ish is needed for Friday's rejection to become more significant, which would then warn that a deeper pullback towards 7900 is underway. Aware that should the ASX200 break above resistance at 8230/50 it opens the way for the index to rally towards 8350.
ASX futures closed 9 points (-0.11%) lower this morning at 8196, indicating the ASX200 should open lower at 8144.
AUS200 Technical AnalysisWhen the AUS200 daily chart is examined; It is observed that the price movements continue in an upward trend. It is evaluated that the index price can target the 8532 level in price movements above the 8257 level, but in price movements below the 8257 level, it is evaluated that it can break the 8111 level and retreat to the 7906 level.
SHORTAUS200 AT MARKET OPEN – current price at 8225Good morning Team; it is Friday, and I hope you have a fantastic week.
We are preparing a short AUS200 at market opening in 30 minutes
Stop loss at 8266 or 8258
TARGET 1 at 8204.5
Once it reaches the 1st target, take 50% partial and bring stop loss to 8247
We are going to target at 8173.3
AU200 remains bullish following its new all-time Following a fresh all time high the index remains bullish above 8120.59, and it is likely that traders will meet declines with support.
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AUS200 - Short TradeOn Monday (manipulation day) price swept the previous week high (PWH) with a great sign of weakness: a market structure break (MSB).
As a target, I prefer the opposite key level
I'm excited to see your opinion in the comments, and I'd like it if you could boost this idea if it was helpful for you!
Australian S&P/ASX 200 Index Hits All-Time HighAustralian S&P/ASX 200 Index Hits All-Time High
As seen on the S&P/ASX 200 chart (Australia 200 on FXOpen), today's candle surpassed the 8200 level, marking a new all-time high.
Positive sentiment was driven by:
→ The Federal Reserve’s decision to cut interest rates, which led to a surge in volatility and set historical records for gold prices (XAU/USD), the S&P 500 index (US SPX 500 mini on FXOpen), and others.
→ Today's positive news from the Australian labour market, showing that unemployment has not increased, and the number of new jobs created in the month exceeded expectations (actual = 47.5 thousand, forecast = 26.4 thousand).
Technical Analysis
The S&P/ASX 200 chart (Australia 200 on FXOpen) indicates price movement within converging trend lines:
→ The lower line was breached in early August amid widespread panic across financial markets. However, it later resumed its role as support, as indicated by the arrow.
→ The upper line acts as resistance, which today is reinforced by the psychological level of 8200. Despite this, the price's position near the candle's high suggests that bulls are showing persistence, at least for now.
Given that the RSI indicator is at its highest level since early August, it is reasonable to anticipate that current bullish sentiment might face increased selling pressure in the short term. If the S&P/ASX 200 (Australia 200 on FXOpen) follows a correction scenario, support could come from the previously mentioned level of 2400, as well as the 8110 level, which has shifted from resistance to support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
PATIENCTLY WAIT FOR THE AUS200 getting to our SHORT TRAPGood morning everyone.
we are waiting for the AUS200 to get into our position to short.
If the trade does not form into our position, we will focus on the US market opening tonight. It is essential.
We await the AUS fall below 8140-38 to enter our short position.
Our stop loss should be above the all-time high 8186. (Let your stop loss be a bit lengthy to accommodate fake outs which happens most of the times in the market.)
Our first target will be 8126; please note once it hits our first target, please take 50% profit
from our second target, 8103.7, and
third target 8055.7
Bullish AU200: Key Fundamentals & Probability StrategyThe AU200 (ASX 200) index is showing bullish potential due to several key fundamentals. Australia's economy continues to demonstrate resilience, with a strong labor market and low unemployment rate of 3.6% supporting consumer spending. Additionally, the country's resource-rich economy benefits from robust global commodity prices, particularly in key exports like iron ore and coal. The Reserve Bank of Australia's supportive monetary policy, despite recent tightening to combat inflation, further underpins the positive outlook for the AU200.
I'm incorporating probability top-down analysis into my trading strategy for the AU200 to make more informed decisions and improve my chances of success. By using probability tools on my charts, I can assess the probability of price movements reaching specific levels, helping me identify high-probability trade setups.
Now let's get into the top-down process:
12M:
2W:
4H:
What are your thoughts on the AU200? Share your ideas and insights below!