Key Support Zones: 6100, 6000, 5900
Australia 200 (AU200AUD) Long-term Trend: Bearish
Australia 200 is facing resistance at level 5500. The resistance on April 20 reached the low of 5096. The market made an upward move at the low of 5096 to retest the 5500 resistance. The resistance has been put to test but yet to be broken since April 14. On the upside, a break above the resistance at 5500, will propel the index to reach a high of $6,250.
Daily Chart Indicators Reading:
The index is at level 47 of the Relative Strength Index period 14. This explains that the market is in the downtrend zone and below the centerline 50. This shows that the index is falling.
Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward. The current resistance at 5500 has fallen to break the trend line. The fall extended to a low of $5104. This indicates that the upward move has been terminated. The market has resumed an upward move. A break above 5500 will indicate the resumption of the uptrend.
4-hour Chart Indicators Reading
AU200AUD is above 50% range of the daily stochastic. This implies that the market is in a bullish momentum. The SMAs are sloping in an upward move. The upward move has been hampered because of the resistance at 5500.
General Outlook for Australia 200 (AU200AUD)
Since early April, the upward move has been resisted as the market trades below 5500 resistance. The current upward move is to retest the resistance for the third time. A break above the resistance will mean the resumption of the uptrend. The market will continue its fluctuation if price turns down from the resistance.
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