A quick look at today: ASX closed today at 7,361.6 (with a daily low of 7,313.7) after ending yesterday at 7,324 and gaining 0.51%.
This move comes while some more positive signs for ASX are out as Australia Employment Change beat the 20,000 projections, with 53,000.
Meanwhile, Australia Full Time Employment beat the 8,000 projections, with 72,200. Australia Unemployment Rate came out at 3.5, marking no change from preceding figure.
ASX 200 broke through the 7,335 resistance and climbed above it 26.73 points; next resistance level is at 7,357. ASX made an initial breakout above its 50 day Simple Moving Average at 7,355.81, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 7,343.22 by around 18.38 points with prices hammering out a 7,313.7 – 7,363.5 session range. On the other hand, note that ASX's upper Bollinger Band® is at 7,401.21, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems ASX likely to continue pointing upward in the short term.
Other markets are also showing gains as Nikkei went up by 1.2% today, and closed at 28,500. FTSE improves 0.36% today and closed at 7,843.38. CAC climbs 0.52% today and closed at 7,480.83.
The market is looking forward to the release of new data: Australia CFTC AUD speculative net positions scheduled to come out today at 20:30 UTC.
The index has been trending positively for about a month. The past 6 months have been positive for ASX as it appreciated 10.07%, having traded as low as 6,434.7.
