Australia 200 (ASX 200) Continues to Rise

The Australia 200 futures market has continued its upward trajectory, supported by recent economic developments in the country. The Reserve Bank of Australia (RBA) disclosed its intention to cut interest rates by 25 basis points as total dwelling approvals increased. This has bolstered the ASX 200, causing it to trend higher.

Key Price Levels

Resistance Levels: 9,000, 9,500, 10,000

Support Levels: 8,000, 7,500, 7,000

ASX 200 Gains a Good Foothold

In the Australia 200 daily chart, price action appears to have established a solid baseline for further upward movement. The last price candle on the daily chart is green and more prominent than previous ones. Meanwhile, the ongoing session is occurring above the 9-day Exponential Moving Average (EMA) line, bringing the market to test the $8,600 level.

Additionally, the Moving Average Convergence Divergence (MACD) indicator lines are slowly trending sideways while remaining above the equilibrium level. In fact, the appearance of the histogram bars suggests that downward momentum continues to weaken.

Australia 200 Bulls Look Refreshed

Looking at the ASX 200 4-hour chart, bullish momentum appears to be maintaining a strong grip on price movement. The latest price candle is green and stands tall above the 9-day EMA line. This candle is also more prominent than any other recent price candle.

At the same time, the MACD lines have taken on a more divergent posture near the end of the indicator and are positioned above the equilibrium level. Technically, this points to growing bullish sentiment in the market. Consequently, for now, traders may target the 9,000 price level.

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