- US Dollar daily chart with price above 50 day moving average.
- Price has been in a range of 79 - 81.52 for quite sometime now.
- So the upward momentum of dollar will gain momentum only if price stays above 81.52.
- EURUSD CHART ANALYSIS
January 6, 2011
- Nifty line chart shows price taking a U turn from its up move.
- Now the main support lies between 5985 - 6015. We have the 20 day and the 50 day moving averages here. So large correction will only be possible if this support area is taken out by bears.
- Price action is moving towards 5 day low ema. So if Bulls are to stop this correction we will see the price action moving towards the 5 day high ema.
- GOLD BELOW 50 DAY MOVING AVERAGE
- SPX has given a bullish engulfing candle at the top of the trend.
- This candlestick formation is a bullish pattern so we can expect the bulls to continue the trend.
- Trend is so strong that even a 10 day moving average has given fewer whipsaws. From 1200 levels till now Price is staying well above 10 DMA.
- GOLD CHART ANALYSIS
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