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March 06, 2023
Today at a glance: ASX went up to 7,328.6 today, gaining 0.62%.
Australia Retail Sales data will be released tomorrow at 00:30 UTC, with an expected improvement to 1.9%. ASX reaction to indicator information will follow.
ASX 200 made an initial breakout above its 50 day Simple Moving Average at 7,307, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 7,324.35 currently serving as resistance. If broken, the next Fib hurdle is expected to be 7,558. ASX broke through the 7,315 resistance and climbed above it 13.63 points; next resistance level is at 7,352.
Overall, looking at the technical analysis landscape, it seems ASX might continue pointing upwards in the short term.
Other markets are also showing gains as KOSPI Composite Index went up by 1.26% today, and closed at 2,462.62. Nikkei climbs 1.11% today and closed at 27,927. CAC added 0.34% and closed around 7,348 today.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as Australia Retail Sales is projected to outperform its last figure with 1.9%. It previously stood at -4%; data will be released tomorrow at 00:30 UTC.
Furthermore, the market is looking at Australia Interest Rate is expected tomorrow at 03:30 UTC. Australia RBA Rate Statement scheduled to come out tomorrow at 03:30 UTC.
The index has been trending lower for about 30 days. ASX has gained 4.89% since its lowest print of 6,434.7 earlier this year.
