FxWirePro: ASX200 trades above 61.8% fibo, good to buy on dips
Major support -5395 (55- day EMA). The index has broken 61.8% retracement level at 5450 and jumped till 5475 at the time of writing. It is currently trading around 5468. ASX200 is trading well above Tenken-Sen (5368) and…
The index has broken 61.8% retracement level at 5450 and jumped till 5475 at the time of writing. It is currently trading around 5468.
ASX200 is trading well above Tenken-Sen (5368) and Kijun-Sen (5284) in the hourly chart.
On the higher side,any break above 5449 (61.8% retracement of 5625 and 6152) confirms minor trend reversal, a jump till till 5449 (61.8% retracement of 5625 and 6152)/5500. The index should break above 5625 for further jump till 5700.
The major support is around 5395 and any break below targets 5347/5300/5285 in the short term.
It is good to buy on dips around 5420 with SL around 5395 for the TP of 5500/5540.
