Forex and Stock Market Indices Daily Trading Analysis with Currencies, Dow, GBP/USD
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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 - 23 January 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market closed higher on Friday as it extends the rally off last October's low. The high range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near term. If the Dow extends the rally off October's low, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a short-term top has been posted.
 S&P 500 Index Technical Analysis
The S&P 500 futures market posted an inside day with a higher close on Friday as it extends the rally off October's low. The high range close sets the stage for a steady-to-higher opening on Monday. 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, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a short-term top has been posted.
 Nasdaq Index Technical Analysis
The Nasdaq futures market closed lower on Friday as it consolidates the rally off October's low. The high range close sets the stage for a steady-to-higher opening on Monday. 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 20day moving average crossing would confirm that short-term top has been posted.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
The EUR/USD closed slightly lower on Friday and the mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near term. If it extends last week's rally, the reaction high crossing is the next upside target. Closes below the 10day moving average crossing would temper the near term friendly outlook.
 Dollar / Yen Technical Analysis
The USD/JPY closed lower on Friday and the low range close sets the stage for a steady-to-lower opening on Monday. Stochastics and the RSI are turning bullish hinting that a short term top might be in or is near. Closes above the 20day moving average crossing would temper the near-term friendly outlook. If it extends the decline off December's high, the reaction low crossing is the next downside target.
 Sterling / Dollar Technical Analysis
The GBP/USD closed higher on Friday and above the 20day moving average crossing confirming that a short-term low has been posted. The high range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the 10day moving average crossing would temper the near-term friendly outlook.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed higher on Friday and the high range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted. If it renews the rally off October's low, weekly resistance crossing is the next upside target.
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The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
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'Forex and Stock Market Indices Daily Trading Analysis with Currencies, Dow, GBP/USD' edited by PipTrade, updated 23-Jan-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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