After closing the previous trading day at 6,811, ASX rose as high as 6,873.8 today before paring back gains and trading at 6,841.3.
At the same time, Australia Consumer Price Index came out at 1.8, while a consensus of analysts was expecting 1.6. Australia Trimmed Mean CPI (QoQ) (Q3) released yesterday at 00:30 UTC with a figure of 1.8, while the previous figure was 1.5. Australia Consumer Price Index came out at 7.3%, while a consensus of analysts was expecting 7%.
ASX 200 reversed direction at 6,836.53 resistance zone and retreated back 4.77 points below it. The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. ASX's upper Bollinger Band® is at 6,922.52, this is a slight indication of a slowdown.
Technical analysis of ASX price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
ASX shows positive signs, other assets are also on par: Hang Seng gained 2.72% and is currently trading at 15,734. Having closed the previous session at 2,249.56, KOSPI Composite Index is up 1.25% today to currently trade at around 2,277.62.
Meanwhile, Nasdaq closed at 10,971 (down 2.04%).
The market is looking forward to the release of new data: Australia Producer Price Index is expected tomorrow at 00:30 UTC. Australia Producer Price Index is expected tomorrow at 00:30 UTC. Australia CFTC AUD speculative net positions is expected tomorrow at 19:30 UTC.
ASX is now trading 5.85% above the significant low (6,434.7) it slumped to 4 months ago.