Australia 200 (AU200AUD) Continues Sideways Moves below 5500 Resistance

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

Australia 200 (AU200AUD) Long-term Trend: Bullish
Australia 200 is currently in ascending channel. Since April 14, the upward move terminates at level 5500. The bulls are repelled after testing the resistance at 5500. The resistance level is yet to be broken as the index trades below the resistance.

Daily Chart Indicators Reading:
The index is trading in a channel. The market will move up if price breaks above the resistance line and closes above it. Similarly, price will have a downward move, if the support line is breached. The index is at level 50 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone.

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is currently in an ascending channel. In May, price rebounded at level 5200 low and reached a high of 5300. The market is currently consolidating above $5300 level. Australia 200 is expected to move up to retest level 5500 resistance level.

4-hour Chart Indicators Reading
AU200AUD is above 40% range of the daily stochastic. This implies that the market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward.

General Outlook for Australia 200 (AU200AUD)
Australia 200 has been trading below the resistance at 5500. The bulls have failed to break the resistance level as the market continues sideways move. The sideways move below 5500 resistance has been on because of the bulls’ failure to break the resistance.

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