Forex Daily Spread Betting Technical Analysis: Technical Review of FX, Dow, Dollar/Swiss Franc
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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 - 3 May 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market closed lower due to profit taking on Wednesday the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If the Dow extends this year's rally, monthly resistance crossing is the next upside target. Closes below the 20 day 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 closed lower due to profit taking on Wednesday. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral-to-bearish hinting that a short-term top might be in or is near. Closes below the 20 day moving average crossing would temper the near-term friendly outlook. If it extends last week's rally, April's high crossing is the next upside target.
 Nasdaq Index Technical Analysis
The Nasdaq futures market closed higher on Wednesday and the high-range close sets the stage for a steady-to-higher opening when Thursday'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 April's low, April's high crossing is the next upside target. Closes below the 10 day moving average crossing would confirm that a short-term top has been posted.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
The EUR/USD closed lower on Wednesday signalling that the rebound off April's low might have come to an end. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are turning bearish signalling that sideways-to-lower prices are possible near-term. If it extends today's decline, April's low crossing is the next downside target. If it extends the rally off April's low, March's high crossing is the next upside target.
 Dollar / Yen Technical Analysis
The USD/JPY closed lower on Wednesday and the low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off March's high, the 62% retracement level of the February-March rally crossing is the next downside target. Closes above the 20 day moving average crossing are needed to confirm that a short-term bottom has been posted.
 Sterling / Dollar Technical Analysis
The GBP/USD closed lower due to profit taking on Wednesday and the mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are turning neutral-to-bearish hinting that a short-term top might be in or is near. Closes below the 20 day moving average crossing would confirm that a double top has been posted. If it extends the rally off April's low, the 87% retracement level of the 2011-2012 decline crossing is the next upside target.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed higher on Wednesday and the high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning bullish signalling that sideways-to-higher prices are possible near-term. If it extends today's rally, April's high crossing is the next upside target. If it renews the decline off April's high, April's low crossing is the next downside target.
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.
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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'Forex Daily Spread Betting Technical Analysis: Technical Review of FX, Dow, Dollar/Swiss Franc' edited by PipTrade, updated 03-May-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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