Technical Analysis 4 August 2010
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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, Gold, Oil, the Dow Jones, S&P 500 and NASDAQ.
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For today’s report see: Technical Analysis.
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Technical Analysis - 4 August 2010
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed lower due to profit taking on Tuesday as it consolidated some of Monday's rally. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought, diverging but are neutral-to-bullish hinting that additional short-term gains are possible.
 S&P 500 Index Technical Analysis
SPI closed lower due to profit taking on Tuesday as it consolidated some of Monday's rally. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are diverging but are turning bullish signalling that sideways-to-higher prices are possible near-term.
 Nasdaq Index Technical Analysis
NDI closed lower due to profit taking on Tuesday as it consolidated some of Monday's rally. The mid-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are diverging but turning bullish signalling that sideways-to-higher prices are possible near-term.
Forex Technical Analysis
 EUR/USD Technical Analysis
EUR/USD closed higher on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are overbought but remain bullish signalling that additional short-term gains are possible. If it extends the rally off June's low, the 50% 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 lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible. If it extends the aforementioned decline, weekly support crossing is the next downside target. Closes above last Wednesday's high crossing are needed to confirm that a short-term low has been posted.
 GBP/USD Technical Analysis
GBP/USD closed higher on Tuesday and above the 62% retracement level of the 2009-2010-decline crossing as it extends the rally off May's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the aforementioned rally, the 75% 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.
Commodities Technical Analysis
 Gold Technical Analysis
Gold closed higher on Tuesday as it continues to rebound off the 50% retracement level of this year's rally crossing. Stochastics and the RSI have turned bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off June's high, the 62% retracement level of the aforementioned decline crossing is the next downside target.
 Crude Oil Technical Analysis
Crude Oil closed higher on Tuesday as it extends the rally off May's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off May's low, the reaction high crossingis the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook.
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 4 August 2010' edited by paddypowertrader, updated 04-Aug-10
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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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