Australia 200 (AU200AUD) Rebounds above Level 5800, Faces Rejection at Level 6200

Australia 200 (AU200AUD) Rebounds above Level 5800, Faces Rejection 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 below level 6200 in the last four months. On October 16 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will reach level 1.272 Fibonacci extension. In other words, the index will reach level 6400 and reverse.

AU200AUD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. It has risen 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: Bullish
On the 4- hour chart, Australia 200 is in as uptrend. On October 22 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It suggests that the index will reach level 1.272 Fibonacci extension and reverse. That is a high of 6215.40.

AU200AUD – 4 Hour Chart

4-hour Chart Indicators Reading
AU200AUD is below the 80% range of the daily stochastic. The index is in bearish momentum. 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 an uptrend, but the overall trend is range-bound. The price has risen to the overbought region. Today the market is moving upward but the uptrend will be shortlived.


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.