Australia 200 (AU200AUD) Is in an Uptrend, Battles Resistance at Level 6600

Australia 200 (AU200AUD) Is in an Uptrend, Battles Resistance at Level 6600

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 and has risen to level 6600. On October 16 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement 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 7034.50.

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 70 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; a retraced candle body tested the 61.8% Fibonacci retracement level. The index is expected to rise to level 1.618 Fibonacci extension. That is the market will rise and reach level 6848.60.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is above the 40% range of the daily stochastic. The index is in the approaching 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. Presently, the upward is facing resistance at level 6600. A break above the resistance will propel the index to reach the projected price, According to the Fibonacci tool; the market will reach level 6848.60 or 7034.50.


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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.