The index has staged a ‘V’-shaped rebound but is now testing the upper edge of the Ichimoku channel on the daily chart, roughly coinciding with the early-March high of 7370. The index needs to clear the 7325-7370 resistance area for the February-March downtrend to reverse.

Earlier last month, the index held above a strong support area: the 200-day moving average, coinciding with the early-January low of 6905, keeping the higher-top-higher-bottom sequence intact. Beyond the short term, the ASX 200 index continues to be in a broad range of 6400-7600.
On the downside, the index has immediate support at Thursday’s low of 7200. Any break below could indicate that the three-week-long upward pressure had faded.