Technical Analysis 29 July 2010

Technical Analysis 29 July 2010

Indices Technical Analysis
	Dow Jones Index
	S&P 500 Index
	Nasdaq Index
Forex Technical Analysis
	EUR/USD
	USD/JPY
	GBP/USD
Commodities Technical Analysis
	Gold
	Crude Oil

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.

Technical Analysis - 29 July 2010

Indices Technical Analysis

Dow Jones Index Technical Analysis

DJI closed lower due to profit taking on Wednesday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that additional gains are possible near-term. If the Dow extends this month's rally, June's high crossing is the next upside target.

S&P 500 Index Technical Analysis

SPI closed lower due to profit taking on Wednesday as it consolidates some of this month's rally. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term.

Nasdaq Index Technical Analysis

NDI closed lower due to profit taking on Wednesday as it consolidates some of the rally off this month's low. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that additional strength is possible near-term.

For another view also see Indices Trading News
For more information on speculating on indices see Indices Spread Trading

Forex Technical Analysis

EUR/USD Technical Analysis

EUR/USD closed lower due to profit taking on Wednesday but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are diverging but are bullish signalling that additional short-term gains are possible. If it extends the rally off June's low, the 38% retracement level of the 2009-2010-decline 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.

USD/JPY Technical Analysis

USD/JPY closed higher due to short covering on Wednesday. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible. If it extends Tuesday's rally, the reaction high crossing is the next upside target. Closes below last Friday's low crossing are needed to renew this year's decline.

GBP/USD Technical Analysis

GBP/USD closed higher due to profit taking on Wednesday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the aforementioned rally, the 62% retracement level of the 2009-2010-decline 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.

For another view also see Forex Trading News
For more information on speculating on forex see Forex Spread Trading

Commodities Technical Analysis

Gold Technical Analysis

Gold closed higher due to short covering on Wednesday as it rebounds off the 50% retracement level of this year's rally crossing. Stochastics and the RSI are bearish hinting that additional weakness is possible near-term. If it extends the decline off June's high, the 62% retracement level of the aforementioned decline 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.

Crude Oil Technical Analysis

Crude Oil closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would temper the near-term friendly outlook. If it renews the rally off this month's low, June's high crossing is the next upside target.

For another view also see Commodities Trading News
For more information on speculating on commodities see Commodities Spread Trading

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 29 July 2010' edited by paddypowertrader, updated 29-Jul-10

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