Australia 200 (AU200AUD) Fluctuates Above Level 6000, May Resume Uptrend

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
The index fluctuates between levels 5800 and 6250 since May. The range-bound move has been ongoing since June. The price has not been able to break through key levels in the last three months. The price is falling after testing the resistance at 6200.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. The index has fallen to level 54 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: Ranging
On the 4- hour chart, the index is in a sideways move but is likely to make an upward move. A red candle body tested 0.618 retracement level. It indicates that the index will rise and reach level 1.618 Fibonacci extension level. In other words, the price will reach level 6320.

4-hour Chart Indicators Reading
AU200AUD is above 20% range of the daily stochastic. It indicates a bearish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally as the market continues its sideways movement.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is in a sideways move but it is currently rising above level 6000. According to the Fibonacci tool, price is likely to rise and reach level 6320. However, in the last three months, price is yet to break level 6200. The market has been fluctuating between level levels 5800 and 6200.

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