Australia 200 (AU200AUD) Breaks above Level 6800, Uptrend Likely

Azeez Mustapha
4 February 2021 | Updated: 4 February 2021

Key Resistance Zones: 7000, 7100, 7200
Key Support Zones: 6100, 6000, 5900

Australia 200 (AU200AUD) Long-term Trends: Bullish
AU200AUD is trading above level 6800. Today, the price has broken above level 6800. The upward move is likely to resume if the bullish momentum is sustained. As price breaks above the SMAs, Australia 200 is likely to rise.

AU200AUD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The index has risen to level 57 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50.

Australia 200 (AU200AUD) Medium-term Trend: Bearish
On the 4- hour chart, Australia 200 is making a downward move. On February 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.272 Fibonacci extensions or the high of 6947.40.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is above the 40% range of the daily stochastic. The index is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is in an uptrend but faces rejection at level 6800. Today, the bulls are attempting to break level 6800. If the bulls are successful, the index will rally above level 7000.



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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.