Australia 200 (AU200AUD) Has Reached Bullish Exhaustion, May Reverse at Level 6795.90

8 January 2021 | Updated: 8 January 2021

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

Australia 200 (AU200AUD) Long-term Trends: Bullish
AU200AUD is in a sideways move below level 6800. The index has been fluctuating between levels 6600 and 6800 since November 24. Australia 200 is likely to fall as it reaches the overbought region of the market. It is doubtful if the index has enough room to rally as the RSI is at level 63.

AU200AUD -Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The index has risen to level 63 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50. The upward move has a limitation

Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, Australia 200 is in an upward move. On January 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The index will rise and reverse at level 1.272 Fibonacci extension. That is the high of level 6795.90.

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. It is likely to fall. The 21-day SMA and the 50-day SMA are sloping upward indicating the current uptrend.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is making a downward move. The index has been trading below the level 6800 resistance zone. A downward move is expected as the market reaches the overbought region.


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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.