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March 02, 2023
Having lost 306.5 points over 18 days, Today is looking a bit better: ASX is trading at 7,251.6 after closing the previous day at 7,251.6.
ASX's state is reflected by market data as Australia GDP published yesterday at 00:30 UTC came out at 0.5, falling short of the 0.8 projections and continuing its decline from the previous 0.7 figure. Australia Building Approvals (MoM) (Jan) came out at -27.6, while a consensus of analysts was expecting -8. Australia Consumer Price Index released yesterday at 00:30 UTC with a figure of 7.4%, while the previous figure was 8.4%.
ASX 200 made an initial breakout above its 5 day Simple Moving Average at 7,269, a potential indicator of a newly emerging bullish phase. ASX's upper Bollinger Band® is at 7,595.21 and the lower is 7,173.49. ASX is approaching key support, around 23.47 points away from 7,228. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in ASX, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen elsewhere as having closed the previous session at 2,413, KOSPI Composite Index is up 0.87% today to currently trade at around 2,434. FTSE gained 0.49% and is now trading at 7,915.
Moreover, Australia Home Loans (MoM) is scheduled for tomorrow at 00:30 UTC. Australia CFTC AUD speculative net positions will be released tomorrow at 20:30 UTC.
ASX has gained 4.55% since its lowest print of 6,434.7 earlier this year.
