ASX 200 Forecast Today 13/9: Continued Momentum (Video)
Date
9/13/2024 4:48:08 AM
(MENAFN- Daily Forex)
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.
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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.
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.
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