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FxWirePro: ASX200 faces strong support at 10- day MA, good to buy on dips

  • Major resistance – 5797 (161.8% retracement of 5509 and 5043).
     
  • Major support – 5600 (10- day MA).
     
  • ASX200 jumped till 5712 yesterday and slightly declined from that level. It is currently trading around 5667.
     
  • Short term trend is bullish as long as support 5560 (21- day EMA) holds.
     
  • Any violation below 21- day EMA will drag the pair down till 5500/5480 (55- day EMA)/5435 (50- day MA).
     
  • On the higher side, major resistance is at 5797 and any violation above will take the index till 5940/6000.

It is good to buy on dips around 5600 with SL around 5548 for the TP of 5720/5797.

  • Market Data
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