Australia 200 (AU200AUD) Is in a Downward Move after Retesting the Overbought Region at Level 6150

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

Australia 200 (AU200AUD) Long-term Trend: Bullish
Australia 200 is in an ascending channel. The index resumes an upward move after falling to the low of  5824. Presently, it is likely to face resistance at level 6150. The previous uptrend was resisted at level 6150 on June 9. The price will continue to rise if the current resistance is breached.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upwardly indicating the uptrend. The index has risen to level 63 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone. It is also approaching the overbought region.

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. AU200AUD is currently rising and approaching the high of level 6150. The index is falling because it has reached the overbought region of the market.

4-hour Chart Indicators Reading
AU200AUD is above 80% range of the daily stochastic. Sellers are emerging as the index reaches the overbought region. The 21-day SMA and the 50-day SMA are sloping upward. It indicates that the market is rising.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is falling because it has reached the overbought region. The index is falling after testing the resistance zone. It is uncertain if the resistance will be broken as the index has reached the overbought region.


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