Australia 200 Index 1H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian index concluded its consolidation period with a violation of the 5'439 bottom trend-line of the rectangle it has consistently traded in for the last two weeks. Following a retracement to the broken demand zone, the gauge is on its way to test 5'409/5'407 after battling 5'419, the September 30 low. Adding more ground to our presumption of an extended downtrend, a death cross has been formed above the current index level of 5'429 Australian Dollars. We see the SWFX market betting on the rate to dip with 72% of positions being long, suggesting that the strongly oversold index might require some buying pressures to approach equilibrium. The daily S1 and Chinkou Span confluence at 5'434 would then cap a short-term movement north.
© Dukascopy Bank SA
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