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US Dollar Back at 2-Week Low, S&P 500 Testing Interim Support

US Dollar Back at 2-Week Low, S&P 500 Testing Interim Support

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is retesting its 2-week low after a brief attempt at recovery faltered. The S&P 500 has descended to interim chart support after last week’s plunge.

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 recoiled from resistance at 10744, the 38.2% Fibonacci expansion, reversing through the 23.6% level at 10708 to expose the August 8 low at 10650. A break beneath that eyes falling channel bottom support at 10611. The 10708 mark has been recast as near-term resistance.

Forex_US_Dollar_Back_at_2-Week_Low_SP_500_Testing_Interim_Support_body_Picture_5.png, US Dollar Back at 2-Week Low, S&P 500 Testing Interim Support

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 and extended lower after clearing support at 1687.40, the May swing high. Sellers are now testing the 38.2% Fibonacci retracement at 1652.10, with a break below that targeting the 50% level 1634.40. Near-term resistance is at 1674.10, the 23.6% Fib, with a move back above that eyeing 1687.40 anew.

Forex_US_Dollar_Back_at_2-Week_Low_SP_500_Testing_Interim_Support_body_Picture_6.png, US Dollar Back at 2-Week Low, S&P 500 Testing Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to push higher after breaking resistance at a falling trend line set from early May. Buyers are now probing above the 61.8% Fibonacci expansion at 1376.28, with a daily close above that exposing the 76.4% level at 1400.72. Near-term support is at 1356.22, the 50% Fib. A reversal back beneath that eyes the 38.2% expansion at 1336.76.

Forex_US_Dollar_Back_at_2-Week_Low_SP_500_Testing_Interim_Support_body_Picture_7.png, US Dollar Back at 2-Week Low, S&P 500 Testing Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices appear to have completed a Flag chart pattern, a setup indicative of bullish continuation. Near-term resistance is at 108.40, the 38.2% Fibonacci expansion, with a break above that aiming for the 50% level at 110.32. Flag top resistance-turned-support is now at 106.95.

Forex_US_Dollar_Back_at_2-Week_Low_SP_500_Testing_Interim_Support_body_Picture_8.png, US Dollar Back at 2-Week Low, S&P 500 Testing Interim Support

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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