AU200 ~ Commodities or Follow US Markets? ASX Wants Both! (2H)CAPITALCOM:AU200 chart mapping/analysis.
ASX grinding higher into EOY, benefitting from relative strength in global commodities & precious metals.
Trading scenarios into EOY:
Continued commodity strength + US bullish momentum = rally into 23.6% Fib / ascending trend-line (light blue dotted) confluence zone.
Rally would coincide with re-test of bearish breakdown from pennant pattern.
Commodity weakness + US market capitulation = re-test of 38.2% Fib, into horizontal line (yellow dashed) / 200SMA / lower range of ascending parallel channel (green dashed) uber confluence zone.
