Key Resistance Zones: 7000, 7100, 7200
Key Support Zones: 6100, 6000, 5900
Australia 200 (AU200AUD) Long-term Trend: Bearish
Australia 200 is currently in a downward move. A correction candle body is testing 0.50 Fibonacci retracement level. This indicates that the index will fall and reach a low of 2.0 extension level. The market will first reach the first target at level 1.618. The downward movement will reach the low of level 2.0 Fibonacci extension level. In other words, the market fall to level 5400.
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. Presently, the SMAs are falling downward indicating the downtrend. The index has fallen to level 53 of the Relative Strength Index period 14. This indicates that the market is in the downtrend zone.
Australia 200 (AU200AUD) Medium-term Trend: Bearish
On the 4- hour chart, the index is currently in a descending channel. The bulls push price to level 6150 but were resisted. The index is currently on a downward move. If price breaks below level 5950, the downtrend will continue.
4-hour Chart Indicators Reading
AU200AUD is below 40% range of the daily stochastic. It indicates a bearish momentum. The 21-day SMA and the 50-day SMA are sloping downward.
General Outlook for Australia 200 (AU200AUD)
Australia 200 is gradually on a downward move. The RSI period 14 indicates that buyers are still in control despite the bearish momentum. The downward move has been slowed because of the price tussle.
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