Australia 200 (AU200AUD) Consolidates Between 5800 and 6200, May Resume Trend

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. 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 has fallen to the lower price range to break it.

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 44 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.

4-hour Chart Indicators Reading
AU200AUD is above the 50% 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 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. This sideways trend has been ongoing since June.


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