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July 03, 2023
Today at a glance: ASX closed today at 7,246 (with a daily low of 7,199.5) after ending Friday at 7,203.3 and gaining 0.59%.
Meanwhile, Australia Building Approvals (MoM) (May) came out at 20.6, while a consensus of analysts was expecting two. Australia Home Loans (MoM) released today at 01:30 UTC with a figure of four, while the previous figure was -3.
Support/Resistance levels obtained from chart analysis indicate that ASX 200 broke through the 7,218.37 resistance, climbing 27.73 points above it. With regards to technical trend indicators, chart analysis show that ASX made an initial breakout above its 50 day Simple Moving Average at 7,210, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 7,215.55 currently serving as resistance According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,351.52, thereby suggesting that ASX is becoming overvalued.
Overall, while ASX has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Nikkei jumps 1.7% today and closed at 33,200. Hang Seng went up by 2.06% today, and closed at 19,300. KOSPI Composite Index is trading around 2,602.47 after ending today's session at 2,564.28 (up 1.49% today).
Furthermore, the market is looking at Australia Interest Rate figure is projected at 4.35. It previously stood at 4.1; data will be released tomorrow at 04:30 UTC. Australia AIG Manufacturing Index (Jun) is expected tomorrow at 23:00 UTC. Australia RBA Rate Statement scheduled to come out tomorrow at 04:30 UTC.
ASX is up 11.56% from the significant low of 6,457 it hit 8 months ago.
