Technical Analysis 3 August 2011

Technical Analysis 3 August 2011

Indices Technical Analysis
	Dow Jones Index
	S&P 500 Index
	Nasdaq Index
Forex Technical Analysis
	Euro / Dollar
	Dollar / Yen
	Sterling / Dollar
	Dollar / Swiss Franc
Commodities Technical Analysis
	Commodities Analysis

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.

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Today’s Technical Analysis:

Technical Analysis - 3 August 2011

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.

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

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.

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

Spread Trading and CFDs carry a high level of risk and you may lose more than your initial investment. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.

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'Technical Analysis 3 August 2011' edited by PipTrade, updated 03-Aug-11

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