Technical Analysis for NASDAQ, Dow and USD/JPY

Technical Analysis


Technical Analysis Daily Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major FX markets, Gold, Oil, the Dow Jones, S&P 500 and NASDAQ. Supplied and sponsored by PipTrade. Technical Analysis - 23 May 2010 EUR/USD EUR/USD closed higher due to short covering on Thursday and above the 10-day moving average crossing signalling that a short-term low has likely been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this year's decline, monthly support crossing is the next downside target. USD/JPY USD/JPY closed lower on Thursday as it extended the decline off last week's high. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, this month's low crossing is the next downside target. Closes above last Thursday's high crossing are needed to confirm that a short-term bottom has been posted. GBP/USD GBP/USD closed slightly higher due to short covering on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. If it extends this month's decline, the 87% retracement level of 2009's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. Dow Jones DJI closed lower on Thursday as it extended this week's selling related to Europe's debt crisis. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term. S&P 500 SPI closed lower on Thursday as it extended the decline off last week's high. 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. NASDAQ 100 NDI closed lower on Thursday due to continued concern over Europe's debt crisis. 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. Gold Gold closed lower on Thursday and below the 20-day moving average crossing confirming that a short-term top has been posted. The mid-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. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the near-term bearish outlook. Crude Oil Crude Oil closed lower on Thursday as it extended this month's decline. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, last May's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. 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Risk Warning: CFD trading and spread trading carry a high level of risk to your capital and you may lose more than your initial investment. CFD trading and spread trading may not be suitable for all investors. 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 on CleanFinancial.com are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice. Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided. * Tax law is subject to change or may differ if you pay tax in a jurisdiction other than the UK.