Australia 200 (AU200AUD) Is Consolidating Above Level 6800, May Resume Upward

Australia 200 (AU200AUD) Is Consolidating Above Level 6800, May Resume Upward

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

Australia 200 (AU200AUD) Long-term Trends: Bullish
AU200AUD is trading below level 6800. The index has been consolidating above level 6800 since January 20. Australia 200 has been trading marginally. The market has been characterized by indecisive small body candlesticks. Buyers and sellers have reached a period of indecision.

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 58 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 an upward 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 it is trading marginally. The index may reach downward as it faces rejection at level 6880. Presently, the index is in a sideways move.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.