FxWirePro:ASX200 faces strong resistance at 55-day EMA,good to sell on rallies
Major resistance -5445 (55-day EMA). Major support - 5350. The index has slightly retreated after making a high of 5434 yesterday. It is currently trading around 5409. On the higher side,minor resistance is around 5442 (…
The index has slightly retreated after making a high of 5434 yesterday. It is currently trading around 5409.
On the higher side,minor resistance is around 5442 (55- day EMA) and any break above 5442 will take the pair to next level till 5488 (daily Kijun-Sen)/5500/5520. The index should break above 5625 for further jump till 5700.
The major support is around 5333 (50% retracement of 5041 and 5625) and any break below targets 5300 (cloud bottom)/5264 in the short term.
It is good to sell on rallies around 5420-5430 with SL around 5451 for the TP of 5351/5300
