Australia 200 (AD200 AUD) Continues Uptrend, Battles Resistance at 5500

Australia 200 (AD200 AUD) Continues Uptrend, Battles Resistance at 5500

Key Resistance Zones: 7000, 7100, 7200
Key Support Zones: 6100, 6000, 5900

Australia 200 (AU200AUD) Long-term Trend: Bearish
The index is still in an upward move. Yesterday the bulls were resisted at the price of 5500. Today, the market is showing some bearish signals as the market continues its downward move. On the downside, if price falls to the low of $5,250, an upward move is likely. On the upside, if the bulls break the resistance at 5500, the market will reach a high of $6,250.

AU200AUD – Daily chart

Daily Chart Indicators Reading:
Australia 200 is at level 48 of the Relative Strength Index period 14.
This implies that the market is in the downtrend zone and above centerline 50. This shows that the index is falling.

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. The price has been rising from the low of 4400. Nonetheless, the market is currently facing resistance at 5500. Each time the bulls test the resistance level, price will fall to the support of the trend line.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is below 40% range of the daily stochastic. This implies that the market is in a bearish momentum. Currently, the index has been falling and has reached a low of 5363. The 50-day and 21-day SMAs are sloping upward.

General Outlook for Australia 200 (AU200AUD)
The index is currently falling as it faces resistance at 5500. In the meantime, the indicators are showing bearish signals. The selling pressure will continue if the price breaks below the trend line.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.