Technicals

Add as a preferred source on Google

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 t…

1 min read
FxWirePro: ASX200 faces strong support at 10- day MA, good to buy on dips
Image from the original EconoTimes article

Read the original article

  • 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.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560