AU200 has made the top of 7650 and recently retest it, making double top pattern.
Double Top usually considered as a bearish sign and the said instrument shift its trend from bullish to bearish.
Currently AU200 is likely to be in distribution phase and its base support lie on 7130. If this horizontal level is taken out, bears will be active in it and the...
After falls in the index in the last quarter of 2018, we have see a rally back into the sell zone(87.5% fib).
My target would be around the 5000 handle, which is nearthe 75% fib level on the monthly chart . This area is where the bulls should turn up,
as the index is in a very strong bullish trend on the monthly chart.
AUS200 is now testing major resistance at 6072 (Fibonacci retracement, bearish harmonic formation, horizontal swing high resistance) and a strong drop could occur at this level to push price down to 6008 support (Fibonacci retracement, horizontal swing low support). We have to watch our for intermediate support at 6034 too (Fibonacci retracement, horizontal...
