Wednesday, 21 September 2011

ASX 200 set to open higher

Daily candlestick chart shown below, including after hours trading, currently at 4066, up from Tuesday's ASX 200 close of 4040.

The trend is down, at this time frame and also on the monthly and weekly charts. There is a US Fed meeting tonight, which might be good for some volatility, but will not change the market's trend.

AUD/USD trend line break and test

Long term daily candlestick chart shown below. The AUD/USD has broken the trend line formed from the March 2009 lows, and looks likely to test the lower parallel line which halted declines last month and in June 2010.