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

  • US Dollar Support Break Hints at Further Weakness Ahead
  • S&P 500 Clears the Way for a Push Above the 1700 Figure
  • Gold Prices Challenge Two-Month Rising Trend Threshold
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 – A break below a counter trend line support underpinning the upswing over the past month suggests the downtrend initiated at the July swing high as resumed. Sellers now aim to challenge the 50% Fibonacci expansion at 10631, with a break below that targeting the 61.8% level at 10588. Near-term resistance is at 10673, the 38.2% Fib.

Forex_Dollar_Selling_Tipped_to_Continue_SPX_500_Aiming_Above_1700_body_Picture_5.png, Dollar Selling Tipped to Continue, SPX 500 Aiming Above 1700Daily 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 vaulted higher from support in a region bracketed by a pair of trend lines set from the November 2012. The bulls have now cleared the 38.2% Fibonacci expansion at 1684.10, exposing the 50% level at 1701.90. A further break above this barrier aims for the August 2 high at 1709.60 and the 61.8 Fib 1719.60. The 1684.10 level has been recast as support.

Forex_Dollar_Selling_Tipped_to_Continue_SPX_500_Aiming_Above_1700_body_Picture_6.png, Dollar Selling Tipped to Continue, SPX 500 Aiming Above 1700Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices pulled back to support marked by the bottom of a rising channel set from the late-June swing bottom and a horizontal pivot barrier at 1347.52. A break below that broadly aims for the 1300/oz figure. Near-term resistance is at 1415.33, the 38.2% Fibonacci retracement.

Forex_Dollar_Selling_Tipped_to_Continue_SPX_500_Aiming_Above_1700_body_Picture_7.png, Dollar Selling Tipped to Continue, SPX 500 Aiming Above 1700Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern at resistance in the 109.66-110.32 area, marked by the February 2012 closing high and the 50% Fibonacci expansion. Near-term support is at 106.04, the 23.6% Fib, followed by a rising trend line at 104.20.Initial resistance is at 108.40, the 38.2% level.

Forex_Dollar_Selling_Tipped_to_Continue_SPX_500_Aiming_Above_1700_body_Picture_8.png, Dollar Selling Tipped to Continue, SPX 500 Aiming Above 1700Daily 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