Australia 200 (AU200AUD) Consolidates Sideways Between Levels 5800 and 6200

Australia 200 (AU200AUD) Consolidates Sideways Between Levels 5800 and 6200

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
Australia 200 has been in a sideways trend since May. The price is fluctuating between levels 5750 and 6200. Presently, the index has risen to the resistance line and it is in a downward move. Australia 200 will trend if the support or the resistance lines are broken.

AU200AUD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA crosses over the 50-day SMA indicating an uptrend. Presently, the SMAs are sloping upward indicating the uptrend. However, in June the market resumes a sideways trend. The index has fallen to level 54 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone.

Australia 200 (AU200AUD) Medium-term Trend: Ranging
On the 4- hour chart, the index is range-bound between levels 5800 and 6200. The sideways movement of the index is not straight forward. Sometimes the Index will be ranging in the middle of the price range. At other times, the price will fluctuates either at support or resistance line.The market has risen to level 6100 and it is retracing to the middle of the price range.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is below 80% range of the daily stochastic. It indicates a bearish momentum. The 21-day SMA and the 50-day SMA are sloping downward.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is in a sideways move. The price movement has no direction. The upper and lower price range have not been tested or broken.

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