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Forex pairs in this Article » GOLD, OIL, USD
Talking Points

  • US Dollar Testing Key Support Marked by April Swing Bottom
  • S&P 500 Aims to Extend Gains After Clearing 61.8% Fib Level
  • Gold Prices Meet Resistance After Producing Upward Breakout
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Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices edged past support at 10413, the 38.2% Fibonacci expansion, to challenge the April low at 10391. A break below that initially targets the 50% level at 10371. Alternatively, breaking back above 10413 aims for the 10465-69 area (marked by the 23.6% expansion and the June 13 low).

Forex_Dollar_Testing_April_Bottom_as_SPX_Continues_to_Aim_Higher_body_Picture_5.png, Dollar Testing April Bottom as SPX Continues to Aim HigherDaily 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 recovered as expected after showing a Spinning Top candlestick at support marked by a rising trend line set from late February. A break above the 76.4% Fibonacci expansion at 1729.00 has exposed the 100% level at 1754.40. Alternatively, a reversal back below 1729.00 eyes the 61.8% Fib at 1713.30.

Forex_Dollar_Testing_April_Bottom_as_SPX_Continues_to_Aim_Higher_body_Picture_6.png, Dollar Testing April Bottom as SPX Continues to Aim HigherDaily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke higher as expected after putting in a bullish Morning Star candlestick pattern. Resistance is now at 1321.09, the 38.2% Fibonacci retracement, with a break above that targeting the 50% level at 1342.57. Near-term support is at 1294.51, the 23.6% Fib, a barrier reinforced by a falling trend line set from late August.

Forex_Dollar_Testing_April_Bottom_as_SPX_Continues_to_Aim_Higher_body_Picture_7.png, Dollar Testing April Bottom as SPX Continues to Aim HigherDaily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices edged below support at 100.88, a horizontal pivot dating back to April 2012, opening the door for a move to the 100.00 figure and 98.99 (September 2012 top). Alternatively, a reversal above 100.88 targets the top of a falling channel set from the August 28 swing high (now at 102.79).

Forex_Dollar_Testing_April_Bottom_as_SPX_Continues_to_Aim_Higher_body_Picture_8.png, Dollar Testing April Bottom as SPX Continues to Aim HigherDaily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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