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AUS200 on a tear - how much longer can it last?

Luke Suddards
Research Strategist
18 Aug 2022
AUS200 is looking red hot. Read below to find out more

The Australian 200 stock index continues to move higher, despite weakness in the states. A fiscal boost from China could be helping to spur the high risk index higher. Weaker Aussie employment data could also lead to a less aggressive RBA.


(Source: Tradingview chart of AUS200 - Past performance is not indicative of future performance.)

From a technical perspective, price is nearing a key resistance level at the 61.8% Fibonacci level and the 200-day SMA. The RSI is in overbought territory and price is around 5% above its 50-day SMA, which called a top previously. 7.3k is the level to watch for an upside breakout, while a rejection and roll over would bring the 7k and 50% Fibonacci level into play. 

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