Technical Analysis 18 August 2010
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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, Gold, Oil, the Dow Jones, S&P 500 and NASDAQ.
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For today’s report see: Technical Analysis.
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Technical Analysis - 18 August 2010
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed higher on Tuesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above the 10-day moving average crossing would temper the near-term bearish outlook.
 S&P 500 Index Technical Analysis
SPI closed higher on Tuesday as it consolidated some of last week's decline. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are oversold and are turning neutral hinting that a low might be in or is near. Closes above the 10-day moving average crossing would temper the near-term bearish outlook.
 Nasdaq Index Technical Analysis
NDI closed higher due to short covering on Tuesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are becoming oversold and are turning neutral hinting that a short-term low might be in or is near.
Forex Technical Analysis
 EUR/USD Technical Analysis
EUR/USD closed higher due to short covering on Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the bearish outlook.
 USD/JPY Technical Analysis
USD/JPY closed higher on Tuesday but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are diverging and are turning bullish signalling that a short-term low is in or near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends the decline off May's high, weekly support crossing is the next downside target.
 GBP/USD Technical Analysis
GBP/USD closed lower on Tuesday and is poised to extend last week's breakout 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 remain bearish signalling that additional weakness is possible near-term. If it extends last 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.
Commodities Technical Analysis
 Gold Technical Analysis
Gold closed higher on Monday as it extends the rally off July's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off July's low, the 75% retracement level of the June-July decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the friendly outlook.
 Crude Oil Technical Analysis
Crude Oil closed higher due to short covering on Tuesday as it consolidates some of last week's decline. The mid-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 last week's decline, the reaction 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.
The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
Neither CleanFinancial.com nor PipTrade accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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'Technical Analysis 18 August 2010' edited by paddypowertrader, updated 18-Aug-10
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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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