AUD/USD OUTLOOK, ASX 200 TECHNICAL ANALYSIS – Speaking Factors:ASX 200 sinks as downbeat US information, deepening commerce battl
AUD/USD OUTLOOK, ASX 200 TECHNICAL ANALYSIS – Speaking Factors:
- ASX 200 sinks as downbeat US information, deepening commerce battle sours market temper
- Rising AUD/USD, native yields flag ebbing RBA price lower bets as one other issue
- Australian shares could also be signaling renewed Aussie Greenback promoting due forward
The place will markets finish 2019? See our Q4 forecasts for currencies, commodities and stock indexes!
Australia’s benchmark ASX 200 inventory index recoiled from resistance marked by July’s swing primeat 6875.50, struggling the biggest day by day drop in two months. Downbeat US economic data and signs of trade war escalation fueled broad-based promoting throughout international monetary markets, pulling Sydney-listed names down alongside broader liquidation.
The 6604.20-34.70 worth inflection zone is in focus from right here. It has served as each assist and resistance amid broadly sideways commerce since late June. Breaking beneath this on a day by day closing would double as a breach of rising development assist guiding the upswing from mid-August lows, tilting the near-term bias to the draw back. Swing lows 6475.40 and 6396.00 line up as helps thereafter.
ASX 200 chart created with TradingView
A parallel rise within the Australian Dollar and native bond yields hints that shifting RBA coverage bets could also be amplifying macro-level forces pressuring the ASX. The transfer implies ebbing price lower…