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Talking Points:

  • US Dollar Extends Rally to Hit 7-Month High vs. Top Counterparts
  • S&P 500 Indecision Signs Remain as Prices Tread Water Near 2000
  • Crude Oil Stalls Near $103.00 After Taking Out Channel Resistance

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to extend upward, with prices advancing to the highest level in seven months. A daily close above the 14.6% Fibonacci retracement at 10660 exposes the 23.6% level at 10687. Alternatively, a reversal below the August 28 low at 10616 opens the door for a challenge of resistance-turned-support at 10579, the August 14 high.

US Dollar Advances to 7-Month High Against Leading Counterparts

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 are stalling below the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support is in the 1985.30-91.40 area, marked by the July 24 high and the 50% level, with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively, a turn above 2006.80 targets channel floor support-turned-resistance at 2017.20, followed by the top of the index’s long-term uptrend and the 76.4 expansion in the 2029.70-33.40 area.

US Dollar Advances to 7-Month High Against Leading Counterparts

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are stalling after taking out resistance at 1282.47, the 61.8% Fibonacci expansion. Resistance is now at 1290.15, the 50% level, with a push beyond that exposing the 38.2% Fib at 1297.82. Alternatively, a turn back below 1282.47 opens the door for a challenge of the 76.4% expansion at 1272.98.

US Dollar Advances to 7-Month High Against Leading Counterparts

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected, breaking through the top of a falling channel set from late July. Near-term resistance is now at 103.19, the 14.6% Fibonacci retracement, with a daily close above that exposing the 23.6% level at 104.50. The channel top (now at 101.96) has been recast as support, with a move back below that eyeing the August 19 swing lowat 101.05.

US Dollar Advances to 7-Month High Against Leading Counterparts

Daily Chart - Created Using FXCM Marketscope 2.0

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