Australia 200 (AU200AUD) Is Struggling To Break Above Level 6800, Uptrend Likely

Australia 200 (AU200AUD) Is Struggling To Break Above Level 6800, Uptrend Likely

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 broken above level 6800. On January 20, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the AU200AUD will rise to level 2.0 Fibonacci extension or the high of level 6952.40.

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 64 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 making an upward move. On January 21 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.1129 Fibonacci extension or the high of 6855.20.

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. The price may fall in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward.

General Outlook for Australia 200 (AU200AUD)
Australia 200 is in an uptrend. The index is in the overbought region, according to the stochastic indicator. The market is said to be in a strong bullish momentum.


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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.