- US Dollar Daily is testing resistance band of 80.43 - 80.72. Above this level 82.04 is the resistance level.
- Weekly chart shows price near 50% and Golden ratio.
- Month chart shows price near the cloud. Last few month candle has test the cloud unsuccessfully. So only a month candle closing above this level can confirm a bigger breakout.
- GOLDMAN SACHS WEEKEND UPDATE
May 14, 2012
- Price testing the support line of the triangle pattern.
- Breakdown below it should also takeout 1522 for the current fall to continue.
- Month chart is shown with 20 Month SMA. Price is testing this level. Having violated daily and weekly levels bears of gold need to close below 20 Month SMA for the fall to extend.
- Getting support at 1522 or the triangle support line may result in a rally towards the upper end of the triangle pattern.
- Month chart shows possible supporting trend line and Fibonacci level support at 38.2% for 2252 - 6336.
- Weekly chart shows price testing the channel resistance line. If price falls into the channel the levels shown in the month chart will be tested.
- 3rd chart shows fibonacci levels for the recent price rise. Price has closed below the golden ratio. If a bounce happens due to developing positive divergence we may see nifty moving towards 50% Fib level or 200 SMA. Unable to close above Golden ratio will extend the fall.
- BANK NIFTY WEEKEND UPDATE
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