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FxWirePro:ASX200 upside capped by 5800, good to buy on dips

Major support – 5740 (200- H MA).

•ASX200 has recovered till 5796 after making a low 5746 . It is currently trading around 5776.

•The index upside capped by psychological resistance at 5800 and any close above confirms further bullishness.

•Any violation below 200- HMA will drag the pair down till 5660/5600 (61.8% Retracement of 5516 and 5755).

•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 5720-30 with SL around 5660 for the TP of 5797/5900.

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