Australia 200 (AU200AUD) Breaks Support Level at 5800, Resumes Downtrend

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
The index is range-bound between levels 5800 and 6200 since May. It 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 currently testing the support line.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. It has fallen to level 38 of the Relative Strength Index period 14. This indicates that the market is in the downtrend zone and below 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 5800 and 6200. The bears have broken the support line.

4-hour Chart Indicators Reading
AU200AUD is below the 20% range of the daily stochastic. It indicates a bearish 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 . The EMAs are horizontally flat following the pattern of price action.


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