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The ASX200 has powered higher on the open to the new week which I expect to be comforting for both bulls and bargain hunters alike. The comments from US fed officials on potential slowing of rate rises is timely and triggered a risk on tone which could flow over late into the week. Remembering that they are only comments and nothing fundamental has changed so focus will remain on economic data releases. Traders will see the lower timeframe ASX200 chart as bullish but the Daily trend remains down. We could see some buyers being trapped intraday before the longer term traders press prices lower again…time will tell so we need to stay vigilant with risk as the market searches for a base.
Charts below of the Daily and Hourly price action…good start to the week!
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