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

  • US Dollar Prices Remain Locked in a Familiar Trading Range
  • S&P 500 Drops Below 1700.00 Figure as Reversal Continues
  • Gold Testing the Boundary of Down Trend from August Top
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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 are trading water below rising trend line support-turned-resistance set from early April (now at 10590). Near-term support is at 10469, the June 13 low, with a push beneath that exposing the March 25 bottom at 10413. Alternatively, a reversal above the trend line targets the August 16 low at 10646.

Forex_US_Dollar_Stuck_in_Familiar_Range_as_SPX_500_Races_Lower_body_Picture_5.png, US Dollar Stuck in Familiar Range as SPX 500 Races LowerDaily 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 are moving lower as expected, with sellers now testing 50% Fibonacci retracement support at 1680.30. A break below that targets the 61.8% level at 1667.70. Near-term resistance is at 1693.00, the 38.2% Fib, with a turn above that eyeing the 1700.00 figure and the 23.6% retracement at 1708.70.

Forex_US_Dollar_Stuck_in_Familiar_Range_as_SPX_500_Races_Lower_body_Picture_6.png, US Dollar Stuck in Familiar Range as SPX 500 Races LowerDaily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing resistance at 1341.60, the 23.6% Fibonacci expansion. This barrier is reinforced by a falling trend line set from the late-August swing top, now at 1350.07. A break above the latter barrier initially targets the September 19 high at 1375.13. Near-term support is at 1320.86, the 38.2% level, with a move beneath that eyeing the 50% Fib at 1304.10.

Forex_US_Dollar_Stuck_in_Familiar_Range_as_SPX_500_Races_Lower_body_Picture_7.png, US Dollar Stuck in Familiar Range as SPX 500 Races LowerDaily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing below support at 102.05, the 38.2% Fibonacci retracement. A break downward on a daily closing basis targets the 100.00 figure, followed by the 50% Fib at 98.91.Initial rising channel support-turned-resistance is at 105.28, with a break above that eyeing the underside of a upward sloping trend line set from mid-April (now at 106.26).

Forex_US_Dollar_Stuck_in_Familiar_Range_as_SPX_500_Races_Lower_body_Picture_8.png, US Dollar Stuck in Familiar Range as SPX 500 Races LowerDaily 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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