Australia 200 (AU200AUD) Resumes Uptrend, Targets Level 7010

Australia 200 (AU200AUD) Resumes Uptrend, Targets Level 7010

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

Australia 200 (AU200AUD) Long-term Trend: Bullish
Australia 200 is making an upward move. On October 19 uptrend; a retraced candle body tested the 38.2 % Fibonacci level. This indicates that the index will rise and reach level 2.618 Fibonacci retracement level. In other words, the index will rise and reach level 7010.70.

AU200AUD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. It has risen to level 59 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: Bullish
On the 4- hour chart, Australia 200 is in an upward move. On November 2 uptrend; the retraced candle body tested the 61.8 % Fibonacci level. This indicates that the index will rise to the level 1.618 Fibonacci retracement level. That is the market will reach level 6189 and continue upward.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is above the 80% range of the daily stochastic. The index is in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the current uptrend.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is making an upward move. The current uptrend is expected to rise to level 2.618 Fibonacci extension level. That is the market will reach level 7010.


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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.