Dollar, S&P 500 Stall Before Key US Ecoomic Data
THE TAKEAWAY: The US Dollar and S&P 500 have stalled near familiar technical levels as investors brace for the release of January's Nonfarm Payrolls and ISM Manufacturing data.
US DOLLAR TECHNICAL ANALYSIS- Prices turned lower as expected after putting in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10200). Near-term support lines in up in the 10141-53 area, marked by a former resistance level and the 50% Fib. A break below that exposes the 38.2% level at 10124.
Daily Chart - Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS - Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is in the 1470.80-74.90 area, marked by the September 14 high and the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 1446.20. Near-term resistance is at 1510.60, the January 30 high.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS - Prices once again find themselves near major rising trend line support dating back to mid-May (1655.05), but a bullish Morning Star candlestick pattern continues to argue for an upside bias. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1700.68. Alternatively, a drop below support targets the January 4 low at 1625.69 and the falling channel bottom at 1602.09.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS- Prices cleared resistance at 97.41, exposing the 100.00 figure and the September 14 high at 100.40. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal may be brewing. A bearish Dark Cloud Cover candlestick pattern is likewise in play, although confirmation would require a clear back below 97.41. Such an outcome initially exposes 94.61.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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US DOLLAR TECHNICAL ANALYSIS- Prices turned lower as expected after putting in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10200). Near-term support lines in up in the 10141-53 area, marked by a former resistance level and the 50% Fib. A break below that exposes the 38.2% level at 10124.
Daily Chart - Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS - Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is in the 1470.80-74.90 area, marked by the September 14 high and the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 1446.20. Near-term resistance is at 1510.60, the January 30 high.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS - Prices once again find themselves near major rising trend line support dating back to mid-May (1655.05), but a bullish Morning Star candlestick pattern continues to argue for an upside bias. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1700.68. Alternatively, a drop below support targets the January 4 low at 1625.69 and the falling channel bottom at 1602.09.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS- Prices cleared resistance at 97.41, exposing the 100.00 figure and the September 14 high at 100.40. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal may be brewing. A bearish Dark Cloud Cover candlestick pattern is likewise in play, although confirmation would require a clear back below 97.41. Such an outcome initially exposes 94.61.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
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