Australian shares were under selling pressure for the second day in a row. The ASX 200 finished 1.78% lower at 6,684 on the last trading session of the year. Despite the two day correction the ASX 200 rose 18.38% in 2019.
All sectors and the major banks were lower today, while gold miners were the only gainers helped by the gold price which hit three-month highs.
The Aussie dollar managed to break above the 0.70 mark at five-month highs and trades at 0.7004 agaInst the US dollar (AUDUSD) .
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ASX 200 Technical Analysis Outlook
ASX 200 was under heavy selling pressure the last trading session of the decade as traders taking off some gains off the table. The index had the best year since 2009 registering over 18% gains in 2019.
The drop today breached the 50-day moving average thus threating the positive momentum which started back in August. On the downside the index first resistance stands at 6,674 the 100-day moving average. The ascending trendline from August might offer some bids at 6,640. A break below that level will have negative implications for ASX 200 and the next target for the bears will be met at 6,674 the 100-day moving average.
On the upside, immediate resistance for the ASX 200 index stands at 6,745 the 50-day moving average. Next resistance will be met 6,804 the daily high. In case the index breaks above that level a move up to 6,893 the 2019 high will be possible.
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