July 17, 2011

US Dollar Weekend update

  • Last week's up move on US Dollar was resisted @ its 200 DMA.
  • Ascending Triangle pattern is still intact.
  • First attempt to breakout of the ascending triangle was stopped by the 200 DMA.
  • Next attempt may be successful But if price dips below 74.405 then pattern will become weak.
  • S&P 500 WEEKEND UPDATE
  • My New Blog on FOREX MARKET--FOREX TECHNICAL ANALYSIS

S&P 500 Weekend update

  • SPX Weekly and daily chart shows a neutral to negative view going into next week.
  • Correction from 1356 is taking a pause now. Breaking last week's low 1306.51 will extend correction.
  • Daily close above 1331 will favor bulls for a retest of 1356 level again.
  • My new blog on Forex Market -FOREX TECHNICAL ANALYSIS

NIFTY Weekend update

  • Nifty is still stuck in between 50 and 200 DMA.
  • But indicators like MACD are suggesting some weakness in daily time frame.
  • Price just managed to close below 20 week moving average.
  • If price continue to stay below 20 week moving average we may see an extended correction. 
  • MACD is about to trigger a sell. Bars have reached near zero. So if price confirms by breaking the recent low(5496) we might see good down move in favor of bears.
  • On the contrary if the low 5496 is held and 200 DMA is not broken then we might see another pause week without any major action.