FxWirePro: ASX200 Trades Slightly Lower on Political Uncertainty, Good to Buy at Dips

FxWirePro: ASX200 Trades Slightly Lower on Political Uncertainty, Good to Buy at Dips

4 July 2016, 05:49
Roberto Jacobs
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FxWirePro: ASX200 Trades Slightly Lower on Political Uncertainty, Good to Buy at Dips

  • Major resistance - 5290 (200 4H  MA) 
  • The index has declined sharply from the high of 5284 on Australia's political uncertainty .It is currently trading around 5261. 
  • An increasing likely  hung parliament is another blow to Australia confidence. Credit rating downgrade is possible if neither of major party manages to form government on its own. 
  • The intra day trend is slightly bullish as long as the support 5220 holds.  
  • The index's major resistance is around 5290 and any break above targets 5325/5350.  
  • On the lower side, support is around 5220 and any violation below that level will drag the index till 5200/5150/5100 in the short term. 
  • Overall bearish invalidation only above 5430.

It is good to buy at dips around 5220 with SL around 5175 for the TP of 5295/5325.

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