Market Brief: ASX 200 Rebounds Asian Markets Continue Higher

ASX
ASX

Asian markets are trading higher on hopes of a fast recovery which mostly supported by fiscal and monetary stimulus from the central banks and governments around the globe. Bullish momentum in Chinese stocks boosted by positive headlines on China’s Securities Journal has also lifted sentiment around the region. China Consumer Price Index came in at 2.5% in line with expectations in June. China Producer Price Index registered in at -3% above the expectations of -3.2%.

Wall Street ended higher returning to bullish momentum, with Nasdaq making fresh all-time highs.

Nikkei 225 finished 0.40% higher at 22,529. The Japan Machinery Orders came in at 1.7%, beating the forecasts of -5.4% in May. Foreign Investment in Japan Stocks rose from previous ¥-494.4B to ¥-77B on July 3
The Shanghai Composite index continues higher, adding 1.39% today at 3,450. The Singapore Straits Times index is 0.50% lower at 2,655. Hang Seng is 0.11% higher at 26,158. Australia’s ASX 200 index finished 0.6% higher at 5,955.

ASX 200 Breaks the Losing Streak

ASX 200 rebounds today after three consecutive days of losses closing on the positive ground for the first session this week. Australia Home Loans came down to -7.6% in May from previous -4.4%. Investment Lending for Homes also came down to -15.6% in May from previous -4.2%. 

On the technical side, the initial resistance stands at 5,998 the daily high. Next hurdle for ASX 200 will be met at 6,018 the high from yesterday’s trading session. If the ASX index breaks higher, then the next supply zone stands at 6,108 the high from July 3. 

The first support for the ASX 200 index will be met at 5,920 the daily low. In case of a break lower, sellers might test the next support area at 5,822 the low from June 30. The 50-day moving average at 5,750 would provide the next support zone.  

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ASX 200 Daily Chart

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