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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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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