Australia 200 (AD200AUD) Reaches Bearish Exhaustion, Targets level 6355

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 market is gradually making an upward move. Initially, level 5800 was an initial resistance but the market has surpassed this level. The current upward move is going to terminate at level 6365.

Daily Chart Indicators Reading:
The 21-day SMA crosses over the 50-day SMA indicating an uptrend. The index is rising and now at level 64 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone. It is also above the centerline 50.

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. The market is currently retracing but uptrend will resume at the end of the retracement. A Fibonacci tool is used to determine the extent of the uptrend. A correction candle tested the 0.50 retracement level. At this retracement candle, the market will move up to 2.0 Fibonacci extension level. In other words, the index will reach a high of level 6365.

4-hour Chart Indicators Reading
AU200AUD is below 80% range of the daily stochastic. The stochastic is indicating a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is an upward move and has broken the previous resistance at 5800. However, the upward move may continue after the resistance. The index is expected to reach a high of 6365.



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