The Australian XJO index, the S&P/ASX200 index, is consolidating within a daily chart triangle ahead of a big data week. The same rule applies; watch for any trend line breakout, up or down, that evolves with increased ADX momentum.
There is a lot of data to impact the Aussie markets this week. There is a batch of Chinese data with CPI & PPI on Monday, Trade Balance on Wednesday and GDP and Industrial Production on Friday. There is also AUD Employment data on Thursday.
XJO daily: watch for any trend line breakout that evolves with a move of the ADX above 20:
XJO daily Cloud: price is also stuck within the daily Cloud so watch for any move back above or below this resistance zone as well.
XJO weekly: this daily chart triangle is set within a bigger Flag pattern on the weekly chart:
XJO weekly Cloud: price is range bound within the weekly Cloud as well so watch for any breakout here too; up or down!