Today at a glance: ASX retained its composure around the 7,175.5 level after dropping 0.75%.
Highly important GDP data from Australia beat analyst expectations of 0.7 with a reading of 0.6.
Amid the market gloom, Australia Trade Balance (Oct) came out at 12.22 billion, while a consensus of analysts was expecting 12.1 billion. Australia GDP fell short of the 6.2% projections, with new data of 5.9%.
A study of ASX's historical price actions shows ASX 200 broke through the 7,203.37 support line and dropped 27.87 points below it. Trend and momentum analysis indicates that ASX made an initial break below its 21 day Simple Moving Average at 7,185, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at 7,080, a low enough level to, generally, suggest that ASX is trading below its fair value.
Overall, the technical outlook suggests ASX is likely to remain muted for the immediate future, with no clear-cut direction.
Other assets are showing positive performances as Hang Seng is trading around 19,450 after ending today's session at 18,800 (up 3.38% today). Nasdaq went up by 0.98% today, and closed at 11,066. Notably, S&P 500 rose 0.61% today and closed at 3,934.
Furthermore, Australia CFTC AUD speculative net positions will be released tomorrow at 20:30 UTC.
The index has been trending positively for about 2 months. The past 3 months have been positive for ASX as it added 7.43% compared to its 3-month low of 6,434.7.