Technical Analysis 10 August 2011

Technical Analysis 10 August 2011

Indices Technical Analysis
	Dow Jones Index
	S&P 500 Index
	Nasdaq Index
Forex Technical Analysis
	Euro / Dollar
	Dollar / Yen
	Sterling / Dollar
	Dollar / Swiss Franc
Commodities Technical Analysis
	Commodities Analysis

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.

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Today’s Technical Analysis:

Technical Analysis - 10 August 2011

Indices Technical Analysis

Dow Jones Index Technical Analysis

DJI closed sharply higher due to short covering on Tuesday as it consolidated some of the decline off July's high. Today's high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term.

S&P 500 Index Technical Analysis

SPI closed sharply higher due to short covering on Tuesday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady-to-higher opening when Wednesday's night session begins trading.

Nasdaq Index Technical Analysis

NDI closed sharply higher due to short covering on Tuesday as it consolidated some of this month's decline. September spike below retracement level of the 2010-2011-rally crossing before a short covering rally pulled the index into positive territory. The high-range close sets the stage for a steady-to-higher opening when Wednesday's night session begins trading.

For another view also see Indices Trading News
For more information on speculating on indices see Indices Spread Trading

Forex Technical Analysis

Euro / Dollar Technical Analysis

EUR/USD posted an inside day with a higher close on Tuesday. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain neutral-to-bearish signalling that additional weakness is possible near-term. If it extends the decline off July's high, July's low crossing is the next downside target. Closes above the reaction high crossing are needed to renew the rally off July's low.

Dollar / Yen Technical Analysis

USD/JPY closed lower on Tuesday and the mid-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are turning neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. Closes below the reaction low crossing would renew this summer's decline into uncharted territory. If it renews last week's rally, July's high crossing is the next upside target.

Sterling / Dollar Technical Analysis

GBP/USD closed lower on Tuesday and below the 20-day moving average crossing. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. Multiple closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off July's low, the reaction high crossing is the next upside target.

Dollar / Swiss Franc Technical Analysis

USD/CHF closed sharply lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this year's decline into uncharted territory, downside targets will be hard to project. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted.

For another view also see Forex Trading News
For more information on speculating on forex see Forex Spread Trading

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'Technical Analysis 10 August 2011' edited by PipTrade, updated 10-Aug-11

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