- 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.
