ASX 200 Forecast Today - 23/10: Support Search (Video)

(MENAFN- Daily Forex)

• The Australian index fell rather hard during the early hours on Tuesday, but it does look like we are trying to hang around the 8200 Australian dollars level.
• At this point in time, it's likely that we could continue to see value hunters come back into this market. And therefore, I think we have a situation where buyers come in and take advantage of the longer term trend that has now offered a bit of value.

The 50-day EMA underneath continues to offer support as well, and the 50-day EMA is of course a massive indicator for momentum. In general, I think we have a situation where the ASX 200 is reacting to the idea of global economics softening, and of course keep in mind that some companies Matters

So, commodities such as iron, gold, aluminum, copper all have a major influence on this index. With that being said though, we had gotten a little bit ahead of ourselves, so this pullback I think does offer an opportunity for those of which have been waiting on the sidelines to get involved.

If we do break down from here, the 50-day EMA of course should be support, and then after that I would look at the $8,000 Australian dollars level.

On the upside, it looks like the 8,400 Australian dollars level has offered resistance, but given enough time, I would anticipate that we return to that level and then perhaps even break out above there. Keep in mind, most indices around the world tend to move in the same general direction.

So, if New York has a good day, that might translate to a good day in Australia on Wednesday. That being said, this is a market that is typically bullish overall when there is more of a risk on type of sentiment, and therefore I think we have to look around the world for a bit of a gauge on risk appetite and of course whether or not people are willing to jump in and throw money at these smaller indices period

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