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April 14, 2023
Today at a glance: ASX closed today at 7,361.6 (with a daily low of 7,313.7) after ending yesterday at 7,324 and gaining 0.51%.
This move comes while some more positive signs for ASX are out as Australia Employment Change released yesterday at 01:30 UTC is better than expected at 53,000 but down from preceding data of 63,600 according to new data.
At the same time, Australia CFTC AUD speculative net positions released today at 20:30 UTC with a figure of -37,900, while the previous figure was -27,200. Data for Australia Full Time Employment released yesterday at 01:30 UTC is better than expected with 72,200, but worse than previous figure of 79,200.
Trend-following investors would be interested to note that ASX 200 made an initial breakout above its 50 day Simple Moving Average at 7,355.81, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 7,343.22 by around 18.38 points with prices hammering out a 7,313.7 – 7,363.5 session range. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,412.75, thereby suggesting that ASX is becoming overvalued. A study of ASX's chart reveals various key levels to watch: ASX could be slowing down soon as it approaches resistance at 7,379. Of course, crossing it might suggest further gains are ahead.
Overall, while ASX has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
ASX shows positive signs, other assets are also on par: Nikkei went up by 1.2% today, and closed at 28,500. FTSE ascends 0.36% today and closed at 7,843.38. CAC went up by 0.52% today, and closed at 7,519.61.
The index has been trending positively for about a month. ASX has managed to gain 6% so far this year despite trading at lows around 6,434.7 previously.
