Australia 200 Index 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
By piercing an important resistance level at 5,430, the gauge of Australian market confirmed its bullish intentions. The positive outlook is further reinforced by the technical indicators, which are pointing upwards in all three relevant time frames. Nevertheless, today the index is likely to be bearish, being that the price has just encountered the upper bound of the pattern. The index should bounce off of 5,500 and lose some 40-50 points before regaining bullish momentum near the lower bound of the channel. If support at 5,450 fails to trigger a new bullish wave, the focus will shift to 5,400/5,385, where the weekly pivot point merges with the long-term moving average.
© Dukascopy Bank SA
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