Australia 200 (AU200AUD) Continues Its Consolidation, Unable to Push to the Previous Market Structure

17 September 2020 | Updated: 17 September 2020

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

Australia 200 (AU200AUD) Long-term Trend: Ranging
Australia 200 is range-bound between levels 5800 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 on three occasions to break it. The index is currently testing the support line of the channel.

AU200AUD – Daily Chart

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 47 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.

AU200AUD – 4 Hour Chart

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. The index is in the oversold region of the market. Buyers are likely to emerge.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is in a sideways move and the index is now in the oversold region of the market. When buyers emerge, the price will return to the range-bound zone.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.