Technical Analysis 15 July 2011
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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.
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Today’s Technical Analysis:
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Technical Analysis - 15 July 2011
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Indices Technical Analysis
Dow Jones Index Technical Analysis
DJI closed lower on Thursday extending this week's decline. 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. Closes below the 20-day moving average crossing are needed to confirm that short-term top has been posted.
S&P 500 Index Technical Analysis
SPI closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady-to-lower opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term.
Nasdaq Index Technical Analysis
NDI closed lower on Thursday as it extended this week's decline off last Friday's high. The low-range close sets the stage for a steady-to-lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term.
Forex Technical Analysis
Euro / Dollar Technical Analysis
EUR/USD closed lower on Thursday as it consolidated some of this week's rally. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways-to-higher prices are possible near-term. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted. If it renews this month's decline, the 38% retracement level of the 2010-2011-rally crossing is the next downside target.
Dollar / Yen Technical Analysis
USD/JPY closed higher on Thursday as it consolidated some of the decline off last week's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this week's decline, March's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
Sterling / Dollar Technical Analysis
GBP/USD closed higher on Thursday as it extended Wednesday's breakout above the 20-day moving average crossing confirming that a low has been posted. Profit taking tempered early-session gains and the mid-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI have turned 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. If it renews the decline off May's high, the 75% retracement level of the 2010-2011-rally crossing is the next downside target.
Dollar / Swiss Franc Technical Analysis
USD/CHF closed lower on Thursday as it posted another new contract low extending this year's decline. Profit taking tempered early-session losses and the high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain 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 reaction high crossing are needed to confirm that a short-term low has been posted.
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'Technical Analysis 15 July 2011' edited by PipTrade, updated 15-Jul-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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