ASX 200 Index: Bulls battling to hold in positive territory as trade picks up

• ASX 200 Index holding in around flat for the session.
• Nations are ear to get back to work, Aussie full bill of health should be cheered cautiously. 

Australia's ASX 200 was enjoying space in positive territory before hitting supply through the 5,370s. A the time of writing, the index is tailing off, now trading -0.14% to 5,316.40 having ranged between 5,309.30 and 5,373.80. 

The day started out lackluster despite a bullish day in prior markets which rode on the back of another "whatever it takes" - this time from the Bank of Japan. Asia's equity gains extended to Europe and the US, with a widespread discussion of relaxing lockdowns for which investors cheered on Wall Street. More on that here: Wall Street Close: US benchmarks were climbing, COVID-19 lockdowns begin to ease

A clean bill of COVID-19 health? 

Despite the easing measures, there is still plenty of warning out there from the experts. In recent trade, Johns Hopkins updated its data and this shows that the latest Global confirmed COVID–19 cases have topped 3 million, reaching 3,002,303. 

• Global COVID-19 cases have topped 3 million – Johns Hopkins University.

• 8 million tests to fall short of requirement safely reopen the US economy – The Hill

Australia, however, has so far been in a fortunate position of having good news with the curve noticeably bent. The daily rate of increase in confirmed COVID-19 cases has fallen dramatically, from a peak of 460 on 28 March to around 15-20 in recent days with Australia set to ease measures and get back to work. However, the general consensus for any nation at this moment in time, absent of a vaccine, is that a quick return to normal risks tragic consequences and should not be taken lightly.

Meanwhile, there is a focus on the big four this week as we head into earnings season. Westpac has announced a $2.2 billion impairment charge, mostly from the economic impact of COVID-19. Half-yearly results will be due next week. Today, Westpac shares at the time of writing are trading back in the green after a dismal start yesterday, +2.39% at $16.02. Meanwhile, the National Australia Bank has already released its half-year results which sent the bank lower yesterday and it remains in the red, -2% at the time of writing at $15.45.

ASX 200 Index levels

The ASX 200 is trading within a familiar territory, stuck between the  38.2% Fibonacci level (5470) and the 23.6% Fibo. On a continuation to the downside, bears will be looking for an extension below the COVID-19 lows of 4402. A break higher will extend towards a 50% mean reversion at 5794 ahead of a 61.8% golden ration at 6127.