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US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and the S&P 500 continue to decline in tandem, with the stock index down for a third day as the benchmark currency broke key chart support.

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

US DOLLAR TECHNICAL ANALYSIS – Prices took out support at a rising trend line set from mid-June, with sellers now aiming to challenge the 61.8% Fibonacci expansion at 10702. A break below this barrier exposes the 76.4% level at 10656. Near-term resistance is at 10739, the 50% Fib, followed by the trend line (now at 10751).

Forex_US_Dollar_Breaks_2-Month_Support_SP_500_Slide_Continues_body_Picture_5.png, US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

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 as expected after putting in a Hanging Man candlestick. Near-term support is at 1687.40, the May 22 high, a barrier reinforced by the bottom of a rising channel set from mid-July (1690.80). A break below that targets the 23.6% Fibonacci retracement at 1674.10. Channel resistance is now at 1714.70.

Forex_US_Dollar_Breaks_2-Month_Support_SP_500_Slide_Continues_body_Picture_6.png, US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June. Sellers are now challenging the 23.6% Fibonacci expansion at 1274.92, with a break below that exposing the 38.2% level at 1229.97. Near-term resistance is at 1302.62, the 14.6% expansion, followed by the July 24 high at 1347.57.

Forex_US_Dollar_Breaks_2-Month_Support_SP_500_Slide_Continues_body_Picture_7.png, US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices appear to be carving out a double top below the July 19 swing high at 108.89. A break below the 23.6% Fibonacci retracement at 105.06 has exposed the 38.2% level at 102.70, with a further push beneath that eyeing the 50% Fib at 100.79. Alternatively, a move back above 105.06 targets 108.89 anew.

Forex_US_Dollar_Breaks_2-Month_Support_SP_500_Slide_Continues_body_Picture_8.png, US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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