Technical Analysis 18 March 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.
Supplied and sponsored by PipTrade.
Today’s Technical Analysis:
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Technical Analysis - 18 March 2011
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI posted an inside day with a higher close on Thursday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady-to-higher opening on Friday. 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 higher due to short covering on Thursday as it consolidates some of this month's decline. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways to lower prices are possible near-term.
 Nasdaq Index Technical Analysis
NDI closed higher due to short covering on Thursday as it consolidates some of this week's losses. The mid-range close sets the stage for a steady-to-higher opening on Friday. 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 on Thursday and has renewed the rally off January's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off January's low, November's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
 Dollar / Yen Technical Analysis
USD/JPY closed lower on Thursday as it extends the decline off last Friday's high. Profit taking tempered early session gains 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 the decline above November's low crossing, downside targets will be hard to project. Closes above last Friday's high crossing would confirm that a short-term bottom has been posted.
 Sterling / Dollar Technical Analysis
GBP/USD closed higher on Thursday and the high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm a downside breakout of a seven week trading range and would open the door for a larger-degree decline during March. Closes above the reaction high crossing would confirm that a short-term low has been posted.
 Dollar / Swiss Franc Technical Analysis
USD/CHF closed lower on Thursday as it extends this winter's decline. Profit taking tempered early gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this winter's decline, downside targets will be hard to project as it declines into uncharted territory. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted.
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'Technical Analysis 18 March 2011' edited by PipTrade, updated 18-Mar-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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