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Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar found interim support at Augusts’ swing low while the S&P 500 has continued to plunge, hitting the weakest level in six weeks.

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 are edging higher from support at 10650, the August 8 low. Near-term resistance is at 10708,the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 10744. Alternatively, a move below support eyes the bottom of a falling channel set from early July, now at 10606.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_5.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

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. Sellers have now cleared support at 1652.10, the 38.2% Fibonacci retracement, exposing the 50% level at 1634.30. A further push beneath that targets the 61.8% Fib at 1616.60. Alternatively, a move back above 1652.10 eyes the 23.6% retracement at 1674.10.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_6.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1376.28, the 61.8% Fibonacci expansion. Near-term support is at 1356.22, the 50% Fib, with a break beneath that targeting the 38.2% level at 1336.76. Alternatively, a reversal above 1376.28 aims for the 76.4% expansion at 1400.72.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_7.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices completed a Flag chart pattern, a setup indicative of bullish continuation. A pullback from initial resistance at 108.40, the 38.2% Fibonacci expansion, sees initial support at the broken Flag top (now at 106.45). A move back below that targets rising trend line support at 104.58. Alternatively, a renewed push higher above 108.40 aims for the 50% level 110.32.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_8.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

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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