Australia 200 (AD200AUD) Is Stuck Below 5500 Resistance

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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. The upward move is currently facing resistance at level 5500. The market has been falling after being resisted at level 5500. The index has fallen to the lower price range and the downward move is being exhausted.

Daily Chart Indicators Reading:
A bearish candlestick has fallen to the support of 21-day SMA. The moving averages are at the point of a bullish crossover. The index is at level 47 of the Relative Strength Index period 14. This indicates that the market is in the downtrend zone.

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is currently in an ascending channel. Australia 200 has fallen and broken below the lower price range. An upward movement is expected as it has fallen below the lower price range.

4-hour Chart Indicators Reading
AU200AUD is below 20% range of the daily stochastic. This implies that the market has reached the oversold region. We expect buyers to emerge to push the index upward. 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. On the upside, if the current resistance is broken, the price will rally above level 5600. Since April the bulls are yet break above the resistance and price has not been sustained above it.

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