Australia 200 (AU200AUD) Continues Sideways Trend but Breaks Level 5800

Australia 200 (AU200AUD) Continues Sideways Trend but Breaks Level 5800

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. Buyers have tested the resistance line on three occasions to break it. The price has broken below the support line but pulled back into the range-bound zone. The index yet to trend.

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 46 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, Australia 200 is in a sideways move. 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 50% 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 but the price fell and broke the lower price range. However, the bulls pushed back price into the range-bound zone. The index is rising now to the upper price range.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.