DailyFX.com -

Talking Points:

  • US Dollar Meets Resistance After Setting Triple Bottom
  • S&P 500 Chart Setup Reveals Pullback Warning Signs
  • Crude Oil Slumps to One-Month Low, Gold Vulnerable

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

US DOLLAR TECHNICAL ANALYSIS – Prices began a swift recovery as expected after putting in a Bullish Engulfing candle pattern at double bottom support set from October 2013. Buyers are testing resistance at 10431, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 10452. Alternatively, a reversal below the 23.6% Fib at 10405 opens the door for a test of the 14.6% retracement at 10389.

US Dollar Bounce Meets Resistance, SPX 500 Pullback Hinted Ahead

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 put in a bearish Evening Star candlestick pattern at the top of a rising channel set from mid-April, hinting a move lower may be ahead. A break below rising trend line support at 1975.30 initially exposes the 14.6% Fibonacci retracement at 1960.10. Near-term resistance is at 1985.90, the July 3 high, followed by the channel top at 1995.10.

US Dollar Bounce Meets Resistance, SPX 500 Pullback Hinted Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are stalling above support at 1311.47, the 23.6% Fibonacci retracement. This barrier is reinforced by a rising trend line set from early June. Negative RSI divergence warns of ebbing upside momentum, hinting a turn lower may be ahead. A break downward on a daily closing basis exposes the 38.2% level at 1297.85. Near-term resistance is at 1333.47, the July 1 high.

US Dollar Bounce Meets Resistance, SPX 500 Pullback Hinted Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support at 103.19, the 50% Fibonacci retracement, having extended downward after taking out a rising trend line set from the May 1 low. A further push lower sees the next level of support at 102.13, the 61.8% level. Alternatively, a reversal above the 38.2% Fib at 104.24 aims for the 23.6% expansion at 105.54.

US Dollar Bounce Meets Resistance, SPX 500 Pullback Hinted Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

Related Articles
  1. Economics

    India: Why it Might Pay to Be Bullish Right Now

    Many investors are bullish on India for all the right reasons. Does it present an investing opportunity?
  2. Investing Basics

    Building My Portfolio with BlackRock ETFs and Mutual Funds (ITOT, IXUS)

    Find out how to construct the ideal investment portfolio utilizing BlackRock's tools, resources and its popular low-cost exchange-traded funds (ETFs).
  3. Investing

    3 Things About International Investing and Currency

    As world monetary policy continues to diverge rocking bottom on interest rates while the Fed raises them, expect currencies to continue their bumpy ride.
  4. Chart Advisor

    These 3 ETFs Suggest Commodities Are Headed Lower (COMT,CCX,DBC)

    The charts of these three exchange traded funds suggest that commodities are stuck in a downtrend and it doesn't look like it will reverse any time soon.
  5. Trading Strategies

    4 ETFs To Trade the Russian Ruble (RSX, ERUS)

    Discover which exchange-traded funds (ETFs) provide investors with the greatest exposure to the Russian ruble and learn about the risks that come with each.
  6. Chart Advisor

    3 Charts That Suggest Now Is The Time To Invest In Real Estate (VNQ, SPG,PSA)

    Real estate assets have some of the strongest uptrends around. We'll take a look at three candidates poised for a move higher.
  7. Products and Investments

    Are Dividend Stocks a Good Substitute for Bonds?

    Are dividend paying stocks a good substitute for bonds in a low interest rate environment?
  8. Mutual Funds & ETFs

    When Is the Right Time to Change From Mutual Funds to ETFs

    Find out how to determine when it's the right time for you to switch from mutual funds to ETFs, including the benefits of ETFs and who they are best for.
  9. Investing Basics

    An Introduction To Structured Products

    Structured products take a traditional security and replace its usual payment features with a non-traditional payoff.
  10. Investing Basics

    Understanding Alternative Investments

    An alternative investment is one that’s not among the three traditional asset types – stocks, bonds or cash.
RELATED FAQS
  1. Should mutual funds be subject to more regulation?

    Mutual funds, when compared to other types of pooled investments such as hedge funds, have very strict regulations. In fact, ... Read Full Answer >>
  2. Do ETFs pay capital gains?

    Exchange-traded funds (ETFs) can generate capital gains that are transferred to shareholders, typically once a year, triggering ... Read Full Answer >>
  3. How do real estate hedge funds work?

    A hedge fund is a type of investment vehicle and business structure that aggregates capital from multiple investors and invests ... Read Full Answer >>
  4. Are Vanguard ETFs commission-free?

    While some Vanguard exchange-traded funds (ETFs) are available commission-free from third-party brokers, a large portion ... Read Full Answer >>
  5. Do Vanguard ETFs require a minimum investment?

    Vanguard completely waives any U.S. dollar minimum amounts to buy its exchange-traded funds (ETFs), and the minimum ETF investment ... Read Full Answer >>
  6. Can mutual fund expense ratios be negative?

    Mutual fund expense ratios cannot be negative. An expense ratio is the sum total of all fees charged by an asset management ... Read Full Answer >>
COMPANIES IN THIS ARTICLE
Trading Center