Australia 200 (AU200AUD) Resumes Upward Move, May Retest the Resistance at Level 6200

Australia 200 (AU200AUD) Resumes Upward Move, May Retest the Resistance at Level 6200


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

Australia 200 (AU200AUD) Long-term Trend: Ranging
Australia 200 is fluctuating between levels 5800 and 6200 in the last four months. It is consolidating in a tight range. Buyers have tested the resistance line on three occasions to break it. Today, the index is rising to retest the resistance line. Australia 200 is approaching the overbought region of the market.

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 60 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, Australia 200 is in a sideways move. The price has been consolidating above the support line. The index is rising to retest the resistance at level 6200.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is above the 80% range of the daily stochastic. The index is in the overbought region of the market. Sellers are likely to emerge to push prices down. 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 trend but it is now in an upward move. The index is approaching the resistance line to break it. The current sideways trend may persist if the bulls fail to break the resistance line.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results


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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.