ASX 200 Forecast Today 30/10: Holds Steady (Video)
Date
10/30/2024 2:40:56 PM
(MENAFN- Daily Forex) The Australian stock exchange 200 moved back and forth during Tuesday\u0026#39;s session, lingering around the same region as in recent days, any short-term pullback could attract buyers, potentially providing support near the 8,150 AUD level reason this is interesting to me is not only do we have a bunch of market memory just waiting to happen there, but we also have the 50 day EMA bounce from that area, I think, will probably attract a certain amount of attention, but that of course, assumes that we pull back at all. Ultimately, you have to be careful shorting any of the indices around the world, because central banks are almost certainly going to be liquefying the markets. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });On the DownsideIt would not surprise me to see this market go looking to the $8,350 Australian dollars level above, which was the most recent swing high. If we break down below the $8,150 Australian dollars level, then I think we have a much deeper correction on our hands. Keep in mind that Australia is a minor index, one that quite often gets its cues from New York, when you trade this index, you are better served to pay attention to how the S\u0026amp;P 500, Dow Jones 30 and NASDAQ 100 all close. It can give you an idea as to risk appetite. Furthermore, Australia is highly sensitive to global trade and growth and of course the Chinese economy so all of that comes into play. Regardless, we\u0026#39;re in an uptrend so I\u0026#39;m looking for buying opportunities in this market, but I would also have to see more of a \u0026ldquo;risk on behavior\u0026rdquo; around the world to take advantage of it.
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