Expected Scenarios for the Australian Index

The Australian Index is moving in a sideways direction on the 4-hour timeframe

and also on the hourly timeframe, with signs of consolidation.

The pair has rebounded from demand zones on the 4-hour timeframe

with new demand zones forming on the hourly timeframe.

We currently have more than one expected scenario for the next movement.

The first scenario is an upward one, which we can see from current prices

or in the event of a decline to new demand zones at the 1.3555 level

to targets set at the 1.3570 and 1.3590 levels.

The second scenario is a downward one, 

which requires a breakout of current demand zones

both new and old ones and a close below the 1.3519 level.

A decline in this case is expected for targets set on the chart

which are located at the 1.3490 and 1.3470 levels.