Australia 200 (AU200AUD) Is in a Sideways Move below Level 6700

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. Since November 21, the bullish trend was terminated at level 0.6700 as the index plunged to level 6500. The market is rising but it is facing minor resistance at level 6600.

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. The upward move is facing resistance at level 6700. On November 24 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will rise and reach level 2.0 Fibonacci extension. That is the high of level 6929.60.

4-hour Chart Indicators Reading
AU200AUD is below the 80% range of the daily stochastic. The index is approaching the 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. But the bullish momentum has reached bullish exhaustion. The index is falling and as a result of rejection at level 0.6700. The market has resumed a downward move because of the rejection.



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