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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. Since June, buyers have not been able to break above the resistance at 6200. Presently, the index is moving up to retest the overhead resistance.
Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. It has fallen to level 44 of the Relative Strength Index period 14. This indicates that the market is in the downtrend zone and below the centerline 50.
Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, Australia 200 has been on a downward move. On October 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It suggests that the index will reach level 1.272 Fibonacci extensions and reverse. That is at the low of 5950 the market will move up.
4-hour Chart Indicators Reading
AU200AUD is below the 20% range of the daily stochastic. The index is in bearish momentum. The price has fallen into the oversold region of the market. 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 selling pressure has been exhausted. According to the Fibonacci tool analysis, the index has fallen to level 1.272 Fibonacci extension or level 5950.0 where the market will reverse.
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