Filed Under:
Forex pairs in this Article » GOLD, OIL, USDOLLAR
Talking Points

  • US Dollar Drops for Fourth Day, Issues Lowest Close in Two Weeks
  • S&P 500 Edging to Key Trend Line Support Set from November 2012
  • Gold Recovers Above $1300/oz Figure But Overall Setup Still Bearish
To receive Ilya's analysis directly via email, please SIGN UP HERE

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke support at 10500, the 23.6% Fibonacci expansion, exposing the June 13 low at 10469. This barrier is reinforced by the 38.2% Fib at 10450, with a push beneath the latter threshold eyeing the 50% retracement at 10410. The 10500 mark has been recast as near-term resistance, followed by the 14.6% level at 10530.

Forex_US_Dollar_Selling_Continues_SPX_500_to_Key_Trend_Support_body_Picture_5.png, Dollar Selling Continues, SPX 500 Inching to Key Trend SupportDaily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices moved lower as expected, completing a bearish Evening Star candlestick pattern. Sellers are now testing support at 1680.30, the 38.2% Fibonacci retracement. A break below that targets 1667.70, a level marked by the 61.8% retracement and a rising trend line set from November 2012. Near-term resistance is at 1699.00, the 23.6% Fib expansion.

Forex_US_Dollar_Selling_Continues_SPX_500_to_Key_Trend_Support_body_Picture_6.png, Dollar Selling Continues, SPX 500 Inching to Key Trend SupportDaily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices rebounded from horizontal support at 1275.51 to retest a recently broken upward-sloping barrier at 1325.79. A break above that eyes 1337.32, the intersection of a falling trend line set from the August high and the 38.2% Fibonacci retracement.

Forex_US_Dollar_Selling_Continues_SPX_500_to_Key_Trend_Support_body_Picture_7.png, Dollar Selling Continues, SPX 500 Inching to Key Trend SupportDaily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices recovered from support at 100.88, a horizontal pivot dating back to April 2012. A narrow break above resistance at 103.68 hints the next stop is a test of 105.31, the intersection of the 38.2% level and the underside of a rising channel set from July. A reversal back below 103.68 aims for 100.88 anew.

Forex_US_Dollar_Selling_Continues_SPX_500_to_Key_Trend_Support_body_Picture_8.png, Dollar Selling Continues, SPX 500 Inching to Key Trend SupportDaily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

For live market updates, visit the Real Time News Feed

original source
comments powered by Disqus
Trading Center