Technical Analysis 3 August 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 - 3 August 2011
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed lower on Tuesday and the low-range close sets the stage for a steady-to-lower 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 lower on Tuesday and the low-range close sets the stage for a steady-to-lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term.
 Nasdaq Index Technical Analysis
NDI closed lower on Tuesday and below the previous reaction low crossing as it extends the decline off July's high. The low-range close sets the stage for a steady-to-lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
EUR/USD closed lower on Tuesday following Monday's key reversal down and below the 20-day moving average crossing confirming that a double top with the early-July high has been posted. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term. If it renews the rally off July's low, July's high crossing is the next upside target.
 Dollar / Yen Technical Analysis
USD/JPY closed slightly higher on Tuesday as it extended the rally off July's low. The low-range close sets the stage for a steady-to-lower 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 would confirm that a short-term bottom has been posted. If it extends this summer's decline into uncharted territory, downside targets will now be hard to project.
 Sterling / Dollar Technical Analysis
GBP/USD closed higher due to short covering on Tuesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady-to-higher opening on Wednesday. However, stochastics and the RSI are turning neutral-to-bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off July's low, the reaction high crossing is the next upside target.
 Dollar / Swiss Franc Technical Analysis
USD/CHF closed lower on Tuesday as it extended this year's decline. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain neutral-to-bullish 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 bottom has been posted.
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'Technical Analysis 3 August 2011' edited by PipTrade, updated 03-Aug-11
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