Currency Daily Spread Trading Market Analysis Looking at Euro/Dollar, NASDAQ, Forex
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Daily Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major FX markets, the Dow Jones, S&P 500 and NASDAQ.
Supplied and sponsored by PipTrade.
Today’s Technical Analysis:
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Technical Analysis - 24 February 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market closed higher on Thursday and the high-range close sets the stage for a steady-to-higher opening on Friday. If the Dow extends the rally off October's low, the 87% retracement level of the 2007-2009 decline crossing at is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.
 S&P 500 Index Technical Analysis
The S&P 500 futures market closed higher on Thursday and is poised to extend the rally off last October's low. The high-range close sets the stage for a steady-to-higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, weekly resistance crossing s the next upside target.
 Nasdaq Index Technical Analysis
The Nasdaq futures market closed higher on Thursday as it extends the trading range of the past five days. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, weekly resistance crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that short-term top has been posted.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
The EUR/USD closed higher on Thursday thereby renewing the rally off January's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the aforementioned rally, the 50% retracement level of the October-January decline crossing is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.
 Dollar / Yen Technical Analysis
The USD/JPY closed lower on Thursday and the low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, the 62% retracement level of the 2011 decline crossing is the next upside target. Closes above the 20 day moving average crossing would confirm that a short-term high has been posted.
 Sterling / Dollar Technical Analysis
The GBP/USD posted an inside day with a higher close on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are turning neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it renews last week's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing are needed to renew the rally off January's low.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed lower on Thursday and the low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. Today's close below the reaction low crossing has renewed the decline off January's high with the 25% retracement level of the October-January rally crossing being the next downside target.
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The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
Neither CleanFinancial.com nor PipTrade accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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Spread Trading and CFDs carry a high level of risk and you may lose more than your initial investment. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
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'Currency Daily Spread Trading Market Analysis Looking at Euro/Dollar, NASDAQ, Forex' edited by PipTrade, updated 24-Feb-12
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Technical Analysis Index - an Index of Daily Technical Analysis articles covering Trends, Supports and Resistance Levels for some of the major Forex markets as well as US Stock Market Indices like the Dow, NASDAQ 100 and S&P 500.
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