Up 0.87% in early trading
The S&P/ASX 200 index is opening up with solid gains. Last week the index fell sharply – down -4.62% – and traded to the lowest level since February 2017. That move took out a number of lows in the 5629-53 area from 2017 but could not sustain the downside momentum. The index recovered and closed at 5665.15.
The move higher today has the index looking toward the April 2018 low (was the low for the year until last week) at 5724.80. A move above that low, would give buyers some more confidence that the low might be in place. Stay below, and the dip buyers might be discouraged.
The move to the upside seems to be helping the AUDUSD move a bit higher in early trading.