ASX200 outlook ahead of RBA Rate Decision The ASX200 (AUS200) price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a corrective pullback. towards the previous consolidation price range and also the rising support trendline zone.
The key trading level is at the 8490 level, the previous consolidation price range, and also rising support trendline zone. A corrective pullback from the current levels and a bullish bounce back from the 8490 level could target the upside resistance at 8570 followed by the 8620 and 8650 levels over the longer timeframe.
Alternatively, a confirmed loss of the 8490support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 8450 support level followed by 8420.
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