• AUS200 index reversed from combined support area
• Likely to reach resistance level 6855.00
AUS200 index earlier reversed up sharply from the powerful combined support area located between the pivotal support level 6650.00 (which has been steadily reversing the price from the end of February), lower daily Bollinger Band, 100-day moving average and the 61.% Fibonacci correction of the pervious upward impulse (1) from the end of January. The upward reversal from this support area continues the active medium-term upward impulse wave (3).
Given the prevailing uptrend – AUS200 index can be expected to rise further toward the next strong resistance level 6855.00 (which reversed the index three times from the end of last month).