Last week was fairly non eventful week with price bouncing between the 6450 and 6600 levels mentioned in last weekends post.
After hours on Friday saw the biggest move with US putting on a decent squeeze which helped Aussie futures push through the important 6600 level.
This sets up for another interesting week ahead.
Lets look at the 30min chart first and it's easy to see the tight range of trading for the week.
Apart from the Friday night pop there really wasn't much traded outside of the Value Zone (6505-6560)
The upper edge of the Value Zone at 6560 is very close to Fridays POC of 6547 and also the weekly POC around 6530 (also marked on daily chart)
Fridays ASX session is marked by the white box.
This should provide decent support for any pullbacks and I'd expect buying to step in initially if the 6530-6560 zone was tested
30min chart below
.
Switching over to the daily and have marked all relevant levels above and below.
If bulls can break above 6800 then it certainly puts a test on the 7000 level back in the picture.
However, the area between 6700-6800 is a high traffic area so expect some chop before any clean breaks up (a good squeeze could fix that).
Also, sentiment is still at an extreme low so there is a chance any rallies get sold into to at least test the trading range for the last couple of weeks
Daily chart below
.
.
As always DYOR and good luck whichever way you trade.
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