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US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

2014-01-23 10:44:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Falters at Resistance, Moves to Channel Support
  • S&P 500 Still Oscillating in a Narrow Consolidation Range
  • Crude Oil Hits One-Month High, Gold Prices Find Support

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

US DOLLAR TECHNICAL ANALYSISPrices fell below resistance-turned-support at 10718 (December 19 high), exposing the 10648-61 area marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break lower initially targets the 38.2% level at 10602. Alternatively, a turn back above 10718 eyes the 10756-70 region (January 21 high, rising channel top).

Forex_US_Dollar_Sinks_Toward_Trend_Support_SPX_500_Still_Flat_body_Picture_5.png, US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

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 testing resistance in the 1844.90-49.10 area, marked by the December 31 high and the 14.6% Fibonacci expansion. A break higher exposes the 23.6% level at 1863.10. Near-term support is at 1819.60, the 14.6% Fib retracement.

Forex_US_Dollar_Sinks_Toward_Trend_Support_SPX_500_Still_Flat_body_Picture_6.png, US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a Shooting Star candlestick below support-turned-resistance at 1261.82, completing a bearish Rising Wedge chart formation. A close back above 1240.12 – a horizontal pivot – aims for the Wedge bottom at 1251.65. Turning back below 1235.28, the 14.6% Fibonacci expansion, exposes the 23.6% level at 1218.82.

Forex_US_Dollar_Sinks_Toward_Trend_Support_SPX_500_Still_Flat_body_Picture_7.png, US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSISPrices pushed higher as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance at 97.09, the 61.8% Fibonacci retracement, exposes the 76.4% level at 98.48. Reversing below support at 95.97, the 50% Fib, aims for the 38.2% retracement at 94.85.

Forex_US_Dollar_Sinks_Toward_Trend_Support_SPX_500_Still_Flat_body_Picture_8.png, US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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