Australia 200 (AD200AUD) Rallies above Level 5500, Resumes Fluctuations

Australia 200 (AD200AUD) Rallies above Level 5500, Resumes Fluctuations

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 bulls have broken above level 5500 but it is currently trading below level 5600. The market fluctuates below the resistance at level 5600. The price is retracing to level 5400 and after that the upward move will resume. After Consolidation above level 5500, the index is likely to move up to level 5800.

AU200AUD – Daily Chart

Daily Chart Indicators Reading:
The moving averages have made a bullish crossover. The 21-day SMA crosses over the 50-day SMA indicating an uptrend.The index is at level 55 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. The index is currently facing resistance at 5600 after breaching level 5500. The price falls each time it tests the resistance level. The uptrend is likely to resume after breaching the resistance at level 5600.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is above 50% range of the daily stochastic. The stochastic bands are making a U turn indicating a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Australia 200 (AU200AUD)
Australia 200 has broken the resistance at 5500 but it is battling the level 5600. The index is expected to rise as price is above the SMAs. The bulls are moving up to retest level 5600.

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Author : Azeez Mustapha


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