Australia’s monetary policymakers have been working to control inflation for some time. However, as inflation began to ease, Australian stocks, including the ASX, started gaining momentum. As a result, the Australia 200 index has successfully pushed through the AUD 8,000 price level.
Key Price Levels:
Resistance Levels: AUD 8,500, AUD 9,000, AUD 9,500
Support Levels: AUD 8,000, AUD 7,500, AUD 7,000
Australia 200 Buyers Show Strong Confidence
Price action on the ASX daily chart recently broke through the AUD 8,000 resistance level during the previous session. The market experienced a notable rally but later saw some contractions, likely due to short-term profit-taking by traders. This assumption holds as the uptrend has continued in the ongoing session.
Currently, price action remains above all Moving Average (MA) curves, further supporting the bullish outlook. Additionally, the Stochastic Relative Strength Index (RSI) lines continue to rise into the overbought zone. As a result, all available indicators suggest that the uptrend remains intact.
ASX Bulls Rebound with Strength
On the 4-hour price chart, the Australian 200 index remains aligned with the broader positive trend. The previous session saw a sharp bearish move, but the ongoing session has brought an upside retracement, recovering from short-term losses.
Furthermore, price action remains above all MA lines, reinforcing bullish sentiment. Similarly, the Stochastic RSI lines continue to rise into the overbought region, indicating strong upward momentum. Technically, this market has a strong chance of reaching the AUD 8,500 mark in the near term.
Do you want to take your trading to the next level? Join the best platform for that here.
