Key Resistance Zones: 7000, 7100, 7200
Key Support Zones: 6100, 6000, 5900
Australia 200 (AU200AUD) Long-term Trend: Ranging
The index fluctuates between levels 5750 and 6250 since May. The market is fluctuating in the middle of the price range. The price has retested the resistance and support lines twice but yet to break the key levels.
Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. The index has fallen to level 54 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, the index is in a sideways move. The price is also fluctuating between levels 5900 and 6200. The market has no direction but consolidates in the middle of price range.
4-hour Chart Indicators Reading
AU200AUD is below 80% range of the daily stochastic. It indicates a bearish 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. The market has been consolidating above level 5750 but below level 6250. The market has not trended since June.
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