Australia 200 (ASX 200) Keeps Edging Higher

The Australia 200 index has continued to climb, defying broader market concerns. The perceived upward retracement is occurring despite weak domestic economic data. Additionally, rising tensions between the U.S. and China are adding to global uncertainty. Yet, despite these factors, the ASX 200 continues its steady upward trajectory.

Key Price Levels

Resistance Levels: 8,800, 9,000, 9,400

Support Levels: 8,000, 7,600, 7,200

Australia 200 Advances Past the 8,400 Mark

As previously mentioned, the ASX 200 has been on an upward trend throughout the past week. This bullish momentum has led the index to break through resistance at the 8,400 level. The market ended the week in positive territory while maintaining a firm position for further gains.

Price action remains above the middle band of the Bollinger Bands, which themselves are sloping upward—indicating a healthy uptrend. Additionally, the Smoothed Rate of Change (SROC) indicator remains above the equilibrium line. As a result, the market shows strong potential for a continued upward retracement.

ASX 200 Appears Poised to Gain Further

On the 4-hour chart, the Australia 200 market shows that the Bollinger Bands have narrowed, suggesting a potential breakout. Notably, price activity has just moved above the middle band of the Bollinger indicator. The most recent candlestick sits slightly above this level, signaling renewed bullish interest.

Similarly, the SROC indicator remains above the equilibrium line, which aligns with the bullish signals observed on the daily chart. Therefore, the market appears well-positioned for continued upward movement—potentially pushing through the 8,500 price level.

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