Australia 200 (AU200AUD) Retraces to Level 6625, Upward Move Likely

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 reached the high of 0.6700 and was resisted. AU299AUD is presently retracing from the recent high. The uptrend is likely to continue after the retracement.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The index has fallen to level 61 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. The index is retracing from the recent high.On December 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will fall and reach level 1.618 Fibonacci extension. That is to the low level 6622.20.

4-hour Chart Indicators Reading
AU200AUD is below the 25% 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. The index is retracing after the rejection at level 0.6700. The market is likely move up after the retracemet.



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