Australia 200 (AU200AUD) Fluctuates Above Level 5900, Downward Move Is Expected

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

Australia 200 (AU200AUD) Long-term Trend: Bearish
Australia 200 was earlier in an uptrend. The uptrend was resisted at level 6200. The index fell to level 5758 and made an upward correction. A correction candle body is testing 0.50 Fibonacci retracement level. This indicates that the index will fall and reach a low of 2.0 extension level.

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 59 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone. It is also above the centerline 50.

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. It rose to level 6042 and resumed a sideways move. AU200AUD is currently facing resistance at the recent high. A downward move will ensue if the bulls fail to break the recent high.

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

General Outlook for Australia 200 (AU200AUD)
Australia 200 is likely to be on a downward move given the upward correction on the daily chart. In the lower time frame, the market is consolidating above level 5900.


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