AUS200 index moved higher, establishing higher highs and higher low patterns. However, the current price is at the middle Bollinger Band, heading lower. What does this indicate?
18 September, OctaFX – After initially falling, the Australian dollar rose after positive housing data and the RBA minutes. The house price index for the second quarter was minus 0.7%, which was better than the expected minus 7.0%.
This rate was unchanged from the first quarter’s decline. The index measures the change in house prices in Australia’s eight capital cities. This year, a decline in house prices in Sydney and Melbourne has led to the index being in the negative territory. The AUS200 too rose after the data.
AUS200 Index Moves Higher
At the end of last month, the AUS200 index fell sharply from a high of A$6385. It found a floor at A$6095 a week ago. In the past few days, the index has moved higher, establishing higher highs and higher low patterns. It is now trading at A$6159.
The current price is at the middle Bollinger Band, heading lower. This is an indication that the index could fall slightly to the lower middle band of A$6125.
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