- AUS200 reversed from support level 8700.00
- Likely to rise to resistance level 8936.00
AUS200 index recently reversed up with the daily Hammer candlesticks reversal pattern from the support area between the key support level 8700.00 (which has been reversing the price from September), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from June.
The upward reversal from this support zone stopped the previous short-term impulse wave iii of the C-wave from October.
Given the clear daily trend, AUS200 index can be expected to rise to the next resistance level 8936.00 (top of the previous correction ii).
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By the FxPro Analyst Team
Follow our dedicated Telegram channel t.me/fxpro for insightful market analysis and expert commentary.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.