The Australian benchmark ASX 200 seems to be increasing its bullish momentum and could reach fresh highs in the coming trading sessions.
ASX 200 in its 2-hour chart shows the re-test of a pivot zone located at 5,349.9 pts. This swing zone is acting as a key resistance level, where it could confirm the bullish bias if the price manages to strike and consolidate above this level.
On the other hand, in terms of a chartist pattern, the Australian index reveals it is evolving in a potential inverse head and shoulder pattern in progress.
A bullish position will activate if the price rises and closes above 5,349.9 pts. Our potential first target is located at 5,731.3 pts. If the Australian benchmark increases its bullish momentum, the price could advance to 6,011.4 pts, and even raise until 6,312.4 pts.
The bullish scenario will be invalid if price pierces below 4,940.9 pts.
Trading Plan Summary
-
Entry Level: 5,349.9 pts.
-
Protective Stop: 4,940.9 pts.
-
1st Profit Target: 5,731.2 pts.
-
2nd Profit Target: 6,011.4 pts.
-
3rd Profit Target: 6,312.4 pts.
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
EUR/USD keeps the red near 1.0550 ahead of German inflation data
EUR/USD holds losses near 1.0550 in the European morning on Thursday. The pair's downside could be attributed to French political worries and a broad US Dollar rebound amid the cautious mood. Traders remain wary due to mounting trade war risks. Germany's inflation data is in focus.
GBP/USD holds lower ground near 1.2650
GBP/USD remains pressured near 1.2600 in European trading on Thursday as the US Dollar picks up haven dmeand on deteriorating risk sentiment. A sense of cautiom prevails amid Trump's tariff plans even though liquidity remains thin on Thanksgiving Day.
Gold price stays defensive below $2,640 amid reviving US Dollar demand
Gold price reverts toward the weekly low of $2,605 in the early European session on Thanksgiving Thursday, snapping a two-day recovery. The US Dollar (USD) and the US Treasury bond yields breathe a sigh of relief, exerting downward pressure on the Gold price amid holiday-thinned trading conditions.
Fantom bulls eye yearly high as BTC rebounds
Fantom (FTM) continued its rally and rallied 8% until Thursday, trading above $1.09 after 43% gains in the previous week. Like FTM, most altcoins have continued the rally as Bitcoin (BTC) recovers from its recent pullback this week.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.