ASX200 Index: Critical Upside Breakthrough

During early trading hours today, Australia's ASX 200 index advanced 3.5% further, following a 4.4% rally last week.


Australia's ASX200 Index jumped 4.4% last week, as market sentiment was lifted a breakthrough in Covid-19 vaccine development. During early trading hours today, the index advanced 3.5% further. This week, investors will focus on the official Australian jobs report for October due on Thursday (-27,500 jobs, jobless rate climbing to 7.1% from 6.9% expected).

From a technical point of view, Australia's ASX200 Index has formed a critical upside breakthrough as shown on the daily chart. It has broken above a nearly 6-month consolidation range, while the 20-day moving average is moving higher and away from the 50-day one. The level at 6,035 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at 6,665 and 7,201 respectively.

Source: GAIN Capital, TradingView

More from ASX

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.