Australia 200 (AD200AUD) Surges higher, May Face Resistance at Level 5800

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 index is rising and approaching level 5800. The index was earlier in a sideways move below level 5600 before a breakout occurs. The market is likely to face another resistance which will cause the index to fall. The price is expected to reverse at level 5800.

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 rising and now at level 63 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 in an uptrend. A correction candle body is testing the 0.618 retracement level. This determines how the pair rises and when it reverses. According to the Fibonacci tool, the pair will reverse at the 1.618 extension level. This is equivalent to level 5800, the price at which the market may reverse.

4-hour Chart Indicators Reading
AU200AUD is below 75% 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 is an upward move but it is currently facing resistance at level 5800. However, the upward move may continue after the resistance.


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