Since today’s opening of the Australian stock market, index ASX200 gained about 0.71%. The index grew despite disappointing data on the National Australia Bank’s Business Confidence that in August fell to its lowest level of 1 point (forecasted 4 points). Experts suggest that the main reason of the growth was macroeconomic statistics from China, where trade balance unexpectedly showed a surplus of 60.24 billion Dollars.
Support and resistance
The nearest support level is at 5115.6 (the upper border of the channel broken out on the hourly chart today).
The nearest resistance level is at 5173.0 (the upper border of the channel on the 4-hour chart, 3 September high).
Open long positions from the levels of 5115.6, 5114.0 with the target at 5173.0 and stop-loss at 5110.0.