Australia 200 (AU200AUD) Holds above Level 6600, Resumes Uptrend

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

Australia 200 (AU200AUD) Long-term Trends: Bullish
AU200AUD is in a sideways move below level 6800. Today, the index rebounded above level 6600 and resumed an upward move. Yesterday, the price tested the resistance at 6800 but was repelled. The downward movement will resume if the price breaks below the SMAs and the selling pressure is sustained.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The index has fallen to level 51 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50. It also indicates that there is a balance between supply and demand.

Australia 200 (AU200AUD) Medium-term Trend: Bearish
On the 4- hour chart, Australia 200 is making a downward move. On January 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will rise to level 2.0 Fibonacci extensions or the low of 6350.80.

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. The downward movement will resume if price falls and breaks level 6600 low.


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