Finspiration Australia. Chart Analysis of the Australian and International Stock markets.

 XJO down today -1.18%.

Short term indicators are all bearish.

XJO is so oversold, it could see a bounce to the upside.

The Index is now opposite a major congestion zone.  So we could see consolidation here or a move to the upside given the oversold nature of the market.  RSI14 is at 35 which is oversold.  Of course, it can go lower, but given the support at this level, the probabilities lie to the upside. 

A bounce in the U.S. tonight would be short-term bullish for our market.