• AUS200 broke major resistance level 6753.00
• Likely to rise to resistance level 7000.00
AUS200 index continues to rise after the price broke through the major resistance level 6753.00 (which has been reversing the price from the start of December) – intersecting with resistance trendline of the daily Falling Wedge chart pattern from the end of November. The breakout of the resistance level 6753.00 accelerated the active impulse waves (iii) and 5 which form the higher order impulse sequence (C) from the middle of September.
Given the recent acceleration in the economic recovery in Australia (Australian data showed 50,000 new jobs were added in December) AUS200 index is likely to rise further toward the next round resistance level 7000.00 (target price for the completion of the active impulse wave (iii)).