Waiting for the rebound of Australian shares

The Australian share market opened higher this morning, with the biggest impulse coming from Healthcare stocks. However throughout the day, the S&P ASX 200 lost momentum and is again in negative territory. The index is now in a four-day losing streak, after breaking below the key support level 5,570. Saxo Capital Markets traders currently see that the selling pressure is strong and the downside momentum for the Australian Share market remains. But considering that the S&P ASX 200 fell more than 300 points this week, Saxo traders now expect a retracement coming shortly at support level at 5,446 points. On the FX side, Saxo Capital Markets also expects some rebound to the upside on the AUDUSD, given that the currency found some support at 0.7677. But yesterday’s weak data (retail sales and trade balance) and price actions suggest that the Aussie dollar is likely to remain under selling pressure below its next resistance level. To read more visit: (VIEW LINK)