Technical Analysis 26 April 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 - 26 April 2011
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed higher due to profit taking on Friday as it consolidated some of the decline off the 2009 low. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the aforementioned rally, monthly resistance crossing is the next upside target.
 S&P 500 Index Technical Analysis
SPI closed higher on Friday but remains below key resistance marked by February's high crossing. The mid-range close sets the stage for a steady-to-higher opening on Tuesday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term.
 Nasdaq Index Technical Analysis
NDI closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady-to-higher opening on Tuesday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the aforementioned rally, February's high crossing is the next upside target.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
EUR/USD closed higher on Monday as it extends this year's rally. Profit taking tempered early-session gains and the mid-range close sets the stage for a steady-to-higher opening on Tuesday. Stochastics and the RSI are diverging but have turned bullish signalling that sideways-to-higher prices are possible near-term. If it extends this year's rally, the November 2009-high crossing is the next upside target. Closes below last Monday's low crossing would confirm that a short-term top has been posted.
 Dollar / Yen Technical Analysis
USD/JPY closed lower on Monday as it extends last Thursday's breakout below the 38% retracement level of the rally off March's low crossing. The low-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI are overbought but remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends this month's decline, the 50% retracement level of the rally off March's low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term bearish outlook.
 Sterling / Dollar Technical Analysis
GBP/USD posted an inside day with a lower close on Monday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off March's low, monthly resistance marked by the 2009 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 Monday and posted a new contract low as it extends this year's decline. The low-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI are overbought but are neutral-to-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 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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'Technical Analysis 26 April 2011' edited by PipTrade, updated 26-Apr-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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