Technical Analysis: Foreign Markets & Commodities - Tuesday, Aug. 31
ASX 200 Index Overview: Looking for a move higher, look for tested support on 7530 as this will take you to 7550.
Commodities: Copper and Iron Ore can now have lows in place. this is also being confirmed by the AUDUSD and the DXY US Dollar Index.
Australian Stocks: Finance and resources stocks are heading lower, that said the resources stocks are in their final stages of completion (2 weeks) whereas the finance sector stocks are just starting their decline into Intermediate Wave (4).
Trading Levels Minor Level 5; 7,500 as the market support.
ASX200 Elliott Wave: I'm waiting for the banks to make the next move so I can confirm a move for the ASX200, of course, the US markets are rallying, but we need our banks to move higher, but they are under pressure.
ASX200 Trading Strategy: Long trades would require 7530 as the tested support, otherwise expect a lower price especially if 7465 becomes the resistance.
Video Length: 00:24:32
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