Australia 200 (AU200AUD) Is Range-Bound, May Face Rejection at Level 6200

Australia 200 (AU200AUD) Is Range-Bound, May Face Rejection at Level 6200

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
Australia 200 has been trapped between levels 5750 and 6200. The market has been consolidating in the last one month without breaking the key levels. The price has tested the resistance line as the index continued its range-bound movement below level 6200.

AU200AUD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA crosses over the 50-day SMA indicating an uptrend. Presently, the SMAs are sloping upward indicating the previous uptrend. The index has fallen to level 56 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone.

Australia 200 (AU200AUD) Medium-term Trend: Ranging
On the 4- hour chart, the index is range-bound between levels 5700 and 6200. The market is still consolidating as the price is yet to trend. The price is gradually rising to level 6100. The market has been falling whenever price reaches that level. In the meantime, price has been consolidating in the middle of price range.

AU200AUD – 4 Hour Chart

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 in a sideways move. The index has been in a range-bound move for the past one month. As the market continues its consolidation, there is a likelihood of price breakout or breakdown.

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Author : Azeez Mustapha


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