Australia 200 (AU200AUD) Rebounds above Level 6100, May Retest Level 6200

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
The index fluctuates between levels 5800 and 6200 since May. Buyers have tested the resistance line on three occasions to break it. The uptrend will resume when the resistance line is breached.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. The index has fallen to level 55 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: Ranging
On the 4- hour chart, the index is in a sideways move but is likely to make an upward move. A red candle body tested 0.618 retracement level. It indicates that the index will rise and reach level 1.618 Fibonacci extension level. In other words, the price will reach level 6320.

4-hour Chart Indicators Reading
AU200AUD is above 20% range of the daily stochastic. It indicates a bullish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally as the market continues its sideways movement.


General Outlook for Australia 200 (AU200AUD)
Australia 200 is in a sideways move but the price is rising to retest the resistance at level 6200. According to the Fibonacci tool, price is likely to rise and reach level 6320. The uptrend is likely when the resistance is breached.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results