ASX's downtrend has seen it decline 1.62% in 3 days Today's session continued the recent downtrend: ASX slid down from 7,148.7 to 7,134, taking a 14.7 points loss (0.21%)
Australia RBA Meeting Minutes is next tomorrow at 00:30 UTC.
ASX 200 could begin to recover as it approaches significant support, now 24.63 points away from 7,109.27. Dipping below could be an indication that further losses are ahead. The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. Bollinger Bands® shows an indication of recovery: the lower band is at 7,123, a low enough level to, generally, suggest that ASX is trading below its fair value.
Technical analysis indicates that ASX's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, Nikkei is down to 27,238, losing 289.48 points, after ending the previous session around 27,527.
Other assets are showing positive performances as FTSE added 0.58% and closed around 7,332 today.
Furthermore, Australia RBA Meeting Minutes is scheduled for tomorrow at 00:30 UTC.
ASX now trading 6.38% above its 3-month low of 6,434.7.