Technical Analysis 14 January 2011
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The Daily Technical Analysis report covering both Support and Resistance Levels as well as Stochastics and RSI Indicators for the key Forex markets and the major US Stock Market Indices.
Supplied and sponsored by PipTrade.
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Technical Analysis - 14 January 2011
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Indices Technical Analysis
Dow Jones Index Technical Analysis
DJI posted an inside day with a lower close on Thursday as it consolidated some of Wednesday's rally. The mid-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are diverging and neutral and will need to see additional strength before turning bullish.
S&P 500 Index Technical Analysis
SPI closed lower due to profit taking on Thursday as it consolidated some of Wednesday's rally. The mid-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are diverging but are bullish signalling that sideways-to-higher prices are possible near-term.
Nasdaq Index Technical Analysis
NDI closed slightly higher on Thursday as it consolidates some of its recent gains. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term.
Forex Technical Analysis
Euro / Dollar Technical Analysis
EUR/USD closed sharply higher for the second day in a row on Thursday extending this week's rally. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways-to-higher prices are possible near-term. Closes above December's high crossing are needed to confirm an upside breakout of this winter's trading range.
Dollar / Yen Technical Analysis
USD/JPY closed lower on Thursday as it consolidates around the 20-day moving average crossing. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it renews the rally off December's low, December's high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the bullish outlook.
Sterling / Dollar Technical Analysis
GBP/USD closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, December's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Dollar / Swiss Franc Technical Analysis
USD/CHF closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are oversold and are turning neutral-to-bearish hinting that a top might be in or is near. Closes below the 20-day moving average crossing would temper the bullish outlook. If it extends this month's rally, the 38% retracement level of last year's decline crossing is the next upside target.
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The contents of this report are for information purposes only.
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'Technical Analysis 14 January 2011' edited by PipTrade, updated 14-Jan-11
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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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