DailyFX.com -

Talking Points:

  • US Dollar Rally Trying to Restart After Brief Setback
  • S&P 500 Rekindles Rally, Sets Another Record High
  • Gold Prices Resume Selloff, Move to Retest July Low

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices are edging upward as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. Near-term resistance is at 10456, the 23.6% Fibonacci retracement, with a daily close above that exposing the 38.2% level at 10513. Alternatively, turn beneath rising trend line support set from the July 1 low at 10434 clears the way for a challenge of the July 9 low at 10392, followed by a triple bottom in the 10354-75 area.

Gold Prices Resume Down Move, Eyeing July Swing Bottom

Daily 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 ANALYSISPrices resumed their move upward to set a new record high. Near-term resistance is at 1995.80, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 2010.40. Alternatively, a reversal below the 23.6% Fib at 1977.70 aims for the bottom of a rising channel set from mid-April, now at 1962.80.

Gold Prices Resume Down Move, Eyeing July Swing Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing below support at 1297.74, the 50% Fibonacci expansion. A daily close below that exposes the 61.8% level at 1291.48. Alternatively, a reversal above the 38.2% Fib at 1304.00 aims for the 23.6% expansion at 1311.75.

Gold Prices Resume Down Move, Eyeing July Swing Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are consolidating above support at 101.87, the 23.6% Fibonacci expansion. A break below that on a daily closing basis exposes the 38.2% level at 100.61. Near-term resistance is at 103.91, the July 18 high, with a move above that eyeing 104.73.

Gold Prices Resume Down Move, Eyeing July Swing Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Global Equity Markets Look Unsettled, China Is Tumbling

  2. Forex News

    EUR/USD looks to Greece for direction

  3. Forex News

    USD/JPY supported at 122.60

  4. Forex News

    BoE Policy Meeting Preview - Rabobank

  5. Forex News

    GBP/USD sinks to 1.5570

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!