FxWirePro: ASX200 faces strong resistance at 5500, good to buy on dips

• Major support -5395 (10- day MA).
   
• The index has declined slightly after jumping till 5497 yesterday. It is currently trading around 5485.
   
• ASX200 is trading well above Tenken-Sen (5397) and Kijun-Sen (536) in the daily chart.The index has taken support near 10 -day MA and any break below confirms minor weakness.
   
• On the higher side,the index is facing psychological resistance  at 5500 and any break above 5500 confirms minor bullishness, a jump till 5625 is possible. The index should break above 5625 for further jump till 5700.
   
• The minor support is around 5448 (61.8% retracement of 5417 and 5497) and any break below targets 5397/5347/5300/5285 in the short term. 

It is good to buy on dips around 5440 with SL around 5395 for the TP of 5500/5625.