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

  • US Dollar Chart Setup Hints at Bounce from April Bottom
  • S&P 500 Continues to Rise, Targeting Above 1750.50 Level
  • Gold Rally Stalls at Fib Resistance Before US Jobs Report
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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 put in a Bullish Engulfing above support at 10391, the April swing bottom, hinting a recovery may be ahead. Near-term resistance is at 10469, the June 13 low, with a break above that targeting a falling trend line at 10537.

Forex_US_Dollar_Chart_Setup_Hints_at_Bounce_Before_Key_Jobs_Data_body_Picture_5.png, US Dollar Chart Setup Hints at Bounce Before Key Jobs DataDaily 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_US_Dollar_Chart_Setup_Hints_at_Bounce_Before_Key_Jobs_Data_body_Picture_6.png, US Dollar Chart Setup Hints at Bounce Before Key Jobs DataDaily 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_US_Dollar_Chart_Setup_Hints_at_Bounce_Before_Key_Jobs_Data_body_Picture_7.png, US Dollar Chart Setup Hints at Bounce Before Key Jobs DataDaily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices continued to move lower as expected after clearing 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).This is followed by the bottom of a falling channel set from the August 28 swing high, now at 97.57. Alternatively, a reversal above 100.88 targets the channel top at 102.59.

Forex_US_Dollar_Chart_Setup_Hints_at_Bounce_Before_Key_Jobs_Data_body_Picture_8.png, US Dollar Chart Setup Hints at Bounce Before Key Jobs DataDaily 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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