Australia 200 (ASX 200) Refuses a Dip Below the 8,400 Mark

The Australia 200 market has been sliding slightly lower since it last tested resistance at the 9,100 price level. Additionally, speculation surrounding the upcoming Fed rate cut has kept the market slightly depressed. As such, although the market closed in the green, price activity still appears to be heading toward further declines.

Key Price Levels

Resistance: 8,500, 9,000, 9,500

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

Australia 200 May Slide Lower Despite Closing in the Green

The ASX 200 ended the session in the green but remains susceptible to further decline. The applied Stochastic Relative Strength Index (SRSI) indicator lines are moving upward at a fast pace, considering the modest magnitude of the price movement.

Meanwhile, the last price candle remains below the 9-day Exponential Moving Average (EMA) curve, though it does carry a bullish characteristic. Even so, this still suggests that bearish sentiment dominates the market.

ASX 200 Faces Headwinds Near 8,600

On the 4-hour Australia 200 chart, price action has been retracing upward for the past two sessions. As a result, trading in this market now stands around the 9-day EMA curve. Meanwhile, the SRSI indicator lines continue rising; the lead line has now crossed above the 80 mark.

However, the most recent price candle on this chart suggests price action is facing strong resistance, given its spinning-top formation. Consequently, the short-term target for this market appears to lie around the 8,600 price level.

Make money without lifting your fingers: Start trading smarter today