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Dollar Selloff Tipped to Continue, S&P 500 Stuck Sub-1700

Dollar Selloff Tipped to Continue, S&P 500 Stuck Sub-1700

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar broke below chart support, hinting at continued weakness ahead after prices hit a one-month low last week. The S&P 500 remains stuck near 1700.

Don’t have access the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke support at 10739, the 50% Fibonacci retracement, exposing the 61.8% level at 10675. A further push below that targets the 76.4% level at 10596. The 10739 has been recast as near-term resistance, a barrier reinforced by a falling trend line set from the July 8 swing high (now at 10778).

Forex_Dollar_Selloff_Tipped_to_Continue_SP_500_Stuck_Sub-1700_body_Picture_5.png, Dollar Selloff Tipped to Continue, S&P 500 Stuck Sub-1700

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 ANALYSIS – Prices pulled back from the 1700 figure to retest resistance-turned-support at 1687.40, the May 22 swing high.A reversal back below this barrier exposes the 76.4% Fibonacci expansion at 1675.10. Alternatively, a push above 1700 aims for the 100% level at 1710.90.

Forex_Dollar_Selloff_Tipped_to_Continue_SP_500_Stuck_Sub-1700_body_Picture_6.png, Dollar Selloff Tipped to Continue, S&P 500 Stuck Sub-1700

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June, hinting a move lower is ahead. Channel bottom support is now at 1305.84, with a break beneath that initially targeting the 23.6% Fibonacci expansion at 1273.98. Channel resistance is now at 1372.71.

Forex_Dollar_Selloff_Tipped_to_Continue_SP_500_Stuck_Sub-1700_body_Picture_7.png, Dollar Selloff Tipped to Continue, S&P 500 Stuck Sub-1700

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices turned lower as expected. Sellers have now overcome support is at 105.06, the 23.6% Fibonacci retracement, exposing the 38.2% level at 102.70. A further push beneath that aims for the 50% Fib at 100.79. The 105.06 level has been recast as near-term resistance, with a reversal back above that eyeing the July 19 high at 108.89.

Forex_Dollar_Selloff_Tipped_to_Continue_SP_500_Stuck_Sub-1700_body_Picture_8.png, Dollar Selloff Tipped to Continue, S&P 500 Stuck Sub-1700

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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