Australia 200 (AU200aud) Continues to Sustain Recent Rallies, May Reach Level 7003.90

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. The index rebounded above level 5910 to break the resistance at level 6250. 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 7003.90.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. It has risen to level 65 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 9 uptrend; the retraced candle body tested the 50 % Fibonacci level. This indicates that the index will rise to the level 2.0 Fibonacci retracement level. That is the market will reach level 6942.50 and continue upward.

4-hour Chart Indicators Reading
AU200AUD is below the 40% range of the daily stochastic. The index is in the approaching oversold 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 RSI and the daily stochastic are indicating a further upward movement of the coin. According to the Fibonacci tool analysis, the market will reach level 2.618. That is level 7003.90


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