ASX 200 Forecast: Miners and Banks Lift Market as Falling Yields Ease Pressure
Published: May 23, 2026
Key Points:
- Miners and banks provided support to the ASX 200, with notable gains from BHP, Rio Tinto, CBA, Westpac, NAB, and ANZ.
- Market breadth improved, with 50% of ASX 200 members trading above their 20-day moving average.
- Falling Australian 10-year yields are supportive, but the ASX 200 faces resistance at the 500-SMA on the Renko chart.
Market Performance
The ASX 200 Index saw a modest increase of 0.19% for the week, buoyed by the performance of resource and banking sectors. Key players included:
- BHP: +1.1%
- Rio Tinto: +1.72%
- CBA: +0.94%
- Westpac: +0.74%
- NAB: +0.50%
- ANZ: +0.51%
- South32: +5.07%
- Evolution Mining: +3.14%
- IAG: -3.4%
- REA Group: -4.07%
The resource sector benefited from strength in copper and uranium prices, contributing to the overall market uplift.
Yield Trends
The Australian 10-year yield has been trending lower, breaking below the 50-SMA, which is favorable for the ASX 200 as it reduces borrowing costs for companies. Current support levels for the yield are observed around 4.865%-4.925%, with further support at 4.635% if yields continue to decline.
Technical Analysis
The ASX 200 Index is currently stabilizing above the 50-SMA but remains below the 500-SMA, indicating a bearish trend. The index needs to gain momentum to surpass the 500-SMA and the medium-term resistance at 8,880. The Z-Score SMA is trending higher but nearing overbought territory, while the RSI is above 50 but declining.
Conclusion
While the ASX 200 shows signs of short-term improvement due to the performance of banks and miners, the overall trend remains bearish until a confirmed bullish reversal occurs. Investors are advised to monitor resistance levels closely before making any significant decisions.