FxWirePro: ASX200 faces strong support at 5070, good to sell on rallies
Major support - 5064 (50% retracement of 4699 and 5431) Major resistance - 5138 (200 day MA) The index has taken support near 5073 and slightly recovered from that level. It is currently trading around 5135. Overall tren…
Major support - 5064 (50% retracement of 4699 and 5431)
Major resistance - 5138 (200 day MA)
The index has taken support near 5073 and slightly recovered from that level. It is currently trading around 5135.
Overall trend is slightly weak as long as the index not closing above 5140 (200 day MA). Any break above 5150 will take the pair till 5183/5210 (90 day EMA).
On the lower side, support is around 5064 and any violation below that level will drag the index till 5025/5000/4970 in the short term.
Overall bearish invalidation only above 5430.
It is good to sell on rallies around 5155-5160 with SL around 5213 for the TP of 5025/5000
