Technical Analysis 15 June 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 June 2011
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed sharply higher due to short covering on Tuesday as it consolidates some of the decline off May's high. The 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 on Tuesday as it consolidates some of decline off May's high. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are turning neutral-to-bullish hinting that a low might be in or is near.
 Nasdaq Index Technical Analysis
NDI closed sharply higher due to short covering on Tuesday as it consolidated some of the decline off May's high. The 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.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
EUR/USD closed higher due to short covering on Tuesday as it rebounds off the 20-day moving average crossing. The high-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rebound off May's low, the 87% retracement level of May's decline crossing is the next upside target.
 Dollar / Yen Technical Analysis
USD/JPY closed higher on Tuesday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are turning bullish hinting that a short-term bottom might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted. If it extends the decline off May's high, May's low crossing is the next downside target.
 Sterling / Dollar Technical Analysis
GBP/USD closed slightly higher on Tuesday and above the 10-day moving average crossing signalling that a short-term low has been posted. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off the late-May high, May's low crossing is the next downside target. Closes above the reaction high crossing are needed to renew the rally off May's low.
 Dollar / Swiss Franc Technical Analysis
USD/CHF closed higher on Tuesday as it consolidated some of this spring's decline. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are turning neutral-to-bullish hinting that a short-term bottom might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted. If it extends this year's decline into uncharted territory, downside targets will be hard to project.
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'Technical Analysis 15 June 2011' edited by PipTrade, updated 15-Jun-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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