Australia 200 (AU200AUD) Is in a Downward Move, May Reverse at Level 6000

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 6200 since May. Presently, the fluctuation is in the middle of the price range. The price is falling and after that, the upward move will resume. In the meantime, price movement is very slow and insignificant.

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 reached a high of level 6200 and resumed a downward move. On three occasions, the price corrected upward but the downtrend persisted to level 6029. A correction candlestick tested the 0.786 retracement level. It indicates that the market will fall and reverse at level 1.272 extension levels. However, the reversal will not be immediate.

4-hour Chart Indicators Reading
AU200AUD is below 40% 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 still fluctuating but in a downward move. The downtrend will extend to the level 1.272 Fibonacci extension level. In other words, the market will reach a low of level 6000. The price will reverse and return to the level 0.786 Fibonacci retracement level.


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