Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

ASX 200 Forecast: Continues to See Massive Momentum

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • The Australian Stock Exchange has rallied rather significantly during the trading session on Thursday as we continue to see a lot of noisy trading.
  • This is a market that has a lot of influence coming from the commodities market and then of course, the Asian economies overall.
  • This has always been the way that the ASX 200 has traded, so I don’t necessarily think that’s going to change anytime soon.
  • With that being the case, I like the idea of paying close attention to multiple markets while trading this index.

Australia is more or less a provider of commodities and hard assets for places like China, Malaysia, Indonesia. So that of course has a major influence on what we do next. The market will be, of course, paying attention to the 8,500 Australian dollars level, an area that has been significant resistance previously. This brings in the idea of “market memory”, which of course is something that a lot of people pay close attention to from a technical analysis standpoint.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

On a move higher…

If we were to break above there, then I think you've got a situation where the market could really start to take off to the upside. Keep in mind that we're in an uptrend anyways, so uptrends do tend to continue going higher. The market, of course, does have a lot of momentum in it, but we also have to keep an eye on risk appetite. If risk appetite falls apart, then that will have a directly negative influence on the Australian stock exchange.

ASX 200 Forecast Today 13/9: Continued Momentum (graph)

On the other hand, if we start to see more risk on behavior, then it makes quite a bit of sense that more money will flow into smaller economies like Australia looking for a better opportunity to produce returns. The 50-day EMA underneath continues to offer support near the $7,950 Australian level. And I think in the short term, that might end up being your short-term floor in the market.

Ready to trade our daily Forex forecast? Here’s some of the top forex online trading Australia to check out. 

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews