Since the announcement of the US trade tariff plan, the global economic landscape has been less stable than expected. The Australia 200 market had previously gained bullish traction, leading to higher price levels. However, the market now appears to be consolidating as it approaches the 8,400 threshold.
Key Price Levels
Resistance Levels: 8,400, 8,800, 9,200
Support Levels: 8,000, 7,600, 7,200
8,400 Price Level Remains a Strong Barrier for the Australia 200 Market
The most recent candlestick on the ASX 200 daily chart is red, following a test of the 8,400 resistance level in the previous session. The current session is also bearish but remains above the middle Bollinger Band. Additionally, the Bollinger Bands appear to be narrowing, indicating reduced volatility.
Meanwhile, the Smoothed Rate of Change (SROC) indicator remains above the equilibrium line but is trending downward. Despite this, the fact that price action is still above the mid-Bollinger Band suggests a potential for further upward movement.
ASX 200 Holds Above Lower Bollinger Band Limit
The Australia 200 market recently rebounded off support at the lower Bollinger Band in the previous session. However, the latest candlestick shows renewed bearish pressure.
The SROC indicator remains green and above the equilibrium level, but its endpoint is hovering near the zero mark—suggesting that sustained bearish momentum could trigger a deeper retracement. Still, based on the current position of price action on the daily chart, traders may anticipate a possible upward breakout through the 8,400 level.
Make money without lifting your fingers: Start trading smarter today
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
