Current trend

The leading index of the Australian economy, the ASX 200, is trading around 8112.9, supported by the dynamics of the bond market and macroeconomic statistics.

Today, the Australian Bureau of Statistics (ABS) published a report on the situation in the tourism sector, which reflected rather weak indicators in the sector: for example, for the year ended in July, the number of jobs decreased by 11.5 thousand (1.8%) compared to the March quarter of this year, but relative to the indicators of the second quarter of 2023, it increased by 12.3 thousand (2.0%). In turn, eight of the twelve sectors of the economy recorded a reduction in the number of jobs, and the leaders in the number of layoffs were companies focused on sports and recreation (-12.6%), cafes and restaurants (-1.5%), as well as water and air transport enterprises (-7.2%), but growth was noted in the field of education and vocational training (80.9%), as well as travel agency services (14.1%).

The index quotes are also supported by correction in the bond market: the rate on 10-year debt securities fell to 3.855% from 3.935%, on 20-year-old — to 4.390% from 4.473%, and on 30-year-old — to 4.421% from 4.513%.

The growth leaders in the index are Perseus Mining Ltd. ( 10.00%), Evolution Mining ( 7.30%), Ramelius Resources ( 7.01%), Regis Resources Ltd. ( 6.69%).

Among the leaders of the decline are Omni Bridgeway Ltd. (-7.43%), Nanosonics (-2.54%), Kogan.com Ltd. (-1.93%).

Support and resistance

On the D1 chart, the price is held below the resistance line of the ascending channel with dynamic boundaries of 8270.0–7700.0, confidently approaching it.

The technical indicators have fully reversed and issued a new buy signal: the fast EMAs of the Alligator indicator are moving away from the signal line, and the AO histogram forms correction bars, while holding above the transition level.

Support levels: 8050.0, 7880.0.

Resistance levels: 8150.0, 8310.0.

Trading tips

In case of continued growth of the asset, as well as price consolidation above the resistance level of 8150.0, buy positions with a target of 8310.0 and a stop-loss of 8100.0 will be relevant. Implementation period: 7 days and more.

In the event of a reversal and continued decline of the asset with consolidation below the 8050.0 mark, sell positions with a target of 7880.0 can be opened. Stop-loss – 8120.0.