US Dollar Stalls at 5-Month High, Crude Oil at Risk of Deeper Losses

By DailyFx | Updated August 15, 2014 AAA

DailyFX.com -

Talking Points:

  • US Dollar Stalls at 5-Month High, Downswing Risk Remains
  • S&P 500 Recovery Continues as Buyers Aim for July Peak
  • Crude Oil at Risk of Deeper Losses on Trend Support Break

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

US DOLLAR TECHNICAL ANALYSIS – Prices Index continue to push higher having reversed upward as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 38.2% Fibonacci expansion at 10582 exposes the 50% level at 10606. Negative RSI divergence warns a pullback may be around the corner. A turn below support at 10554, the 23.6% Fib, opens the door for a test of the 14.6% expansion at 10536.

US Dollar Stalls at 5-Month High, Crude Oil at Risk of Deeper Losses

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 declined as expected after putting in a bearish Evening Star candlestick pattern with negative RSI divergence. A bounce following a test of the 1900.00 figure sees prices aiming for resistance at 1968.40, the 76.4% Fibonacci retracement, with a close above that targeting the July 24 high at 1991.40. Alternatively, a turn below the 61.8% Fib at 1954.20 aims for the 50% retracement at 1942.80.

US Dollar Stalls at 5-Month High, Crude Oil at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices launched higher as expected after putting in a bullish Piercing Line candlestick pattern. Resistance is now at 1320.12, the 38.2% Fibonacci expansion. A break above that on a daily closing basis exposes the 50% level at 1332.49. Alternatively, a reversal below the 23.6% Fib at 1304.81 clears the way for a test of the 14.6% expansion at 1295.37.

US Dollar Stalls at 5-Month High, Crude Oil at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices turned aggressively lower anew, taking out rising trend lien support set from June 2012. Sellers now aim to challenge the 38.2% Fibonacci expansion at 94.29, with a break below that exposing the 50% level at 92.97. Alternatively, a turn above the 23.6% Fib at 95.91 opens the door for a test of 96.91, the intersection of the trend line (now recast as resistance) and the 14.6% expansion.

US Dollar Stalls at 5-Month High, Crude Oil at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

Related Forex Analysis
  1. Weekly Forecast: FX Volatility to Persist on Key Data, Rate Decisions
    Forex News

    Weekly Forecast: FX Volatility to Persist on Key Data, Rate Decisions

  2. Gold Plummets to 4-Year Lows as Fed Ends QE- $1206 Resistance
    Forex News

    Gold Plummets to 4-Year Lows as Fed Ends QE- $1206 Resistance

  3. AUD Poised For Intraday Volatility On Torrent Of Top-Tier Data
    Forex News

    AUD Poised For Intraday Volatility On Torrent Of Top-Tier Data

  4. British Pound Holds on by a Thread - What to Watch in Week Ahead
    Forex News

    British Pound Holds on by a Thread - What to Watch in Week Ahead

  5. Usd Aiming Higher as Upbeat Jobs Data Fuels Fed Hike Bets
    Forex News

    Usd Aiming Higher as Upbeat Jobs Data Fuels Fed Hike Bets

Trading Center