Australia 200 (AU200AUD) Is in a Tight Range, Resumes Uptrend

Australia 200 (AU200AUD) Is in a Tight Range, Resumes Uptrend

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
The index fluctuates between levels 6000 and 6200 since May. The index is consolidating in a tight range. Besides, the market is in a tight range. Buyers have tested the resistance line at three occasions to break it. The index is trading in the middle of the price range.

AU200AUD – Daily Chart

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 51 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. The market is in a choppy price action. There is no direction of the price movement. The price movement is confined between levels 6000 and 6200.

AU200AUD – 4- Hour Chart

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 market is in choppy price action. Presently, the market is in bullish momentum. The EMAs are horizontally flat following the pattern of price action.


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