The Australian market has mainly traveled sideways this year, failing to break out of key support and resistance levels for months.
Resistance was set around 5,877 and support roughly 5,665 on the All Ordinary’s index.
The Index finally broke resistance on the 29th of March which was welcomed by investors.
There has been a lot of uncertainty in the US with Trumps tax cuts and the failed reform of Obamacare which was being heavily monitored by investors.
It is expected for President Trump to focus now on his promised tax cuts, with the market very closely watching his every step and comment on the issue.
Australian figures to be released shortly,
Retail Sales – 3rd of April
Most recent figure was 0.4%, down from the previous figure of -0.1%
Trade balance- 4th of April
Most recent figure was 1.3B, down from the previous figure of 3.33B
Cash rate- 4th of April
Cash rate is currently at 1.50%
Shares have been vulnerable to a pull back, as the uncertainty around Trump’s pro-business agenda showed recently.
However the ASX 200 is up 3.16% in the last month, indicating the market generally has had a bullish sentiment.
If you are interested in our trade mentoring program or the ShareSmart Stock market scanner please email us on email@example.com or call on 07 5609 7665.