Today at a glance: ASX slides down from 7,325.6 to 7,291.3, losing 34.3 points (0.47%) today.
GDP data from Australia will be released tomorrow at 00:30 UTC with analysts expecting a decline to 0.7. Potentially significant price fluctuations in ASX are expected to follow.
While price action maintains a negative bias, Australia Interest Rate released today at 03:30 UTC with a figure of 3.1, while the previous figure was 2.85. Australia Current Account (Q3) came out at -2.3 billion, while a consensus of analysts was expecting 10.5 billion. Australia Company Gross Operating Profits (QoQ) (Q3) came out at -12.4.
ASX 200 made an initial break below its 5 day Simple Moving Average at 7,284.5, a possible indication of a forthcoming negative trend. ASX's upper Bollinger Band® is at 7,394.81 which indicates a further downward move may follow. Despite this, ASX could begin to recover as it approaches significant support, now 11.37 points away from 7,302.67. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ASX to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ASX is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, S&P 500 lost 1.44% today and closed at 3,999. Nasdaq lost 2% today and closed at 11,240. KOSPI Composite Index descends 1.08% today and closed at 2,419.32.
Looking ahead, ongoing depreciation may be prolonged as Australia GDP projected to decline to 0.7 while previous data was 0.9; data will be released tomorrow at 00:30 UTC.
Furthermore, Australia GDP is projected to outperform its last figure with 6.2%. It previously stood at 3.6%; data will be released tomorrow at 00:30 UTC.
The index has been trending positively for about 2 months. ASX hit a significant low of 6,434.7 around 5 months ago, but has since recovered 13.85%.