We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
US Dollar Attempting to Break Two-Month Down Trend

US Dollar Attempting to Break Two-Month Down Trend

2013-09-03 02:06:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

  • US Dollar Attempting to Break Two-Month Down Trend
  • S&P 500 Finds an Interim Bottom at Long Term Support
  • Gold Sellers Challenge Support Below the $1400/oz Figure

To receive Ilya's analysis directly via email, please SIGN UP HERE

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

US DOLLAR TECHNICAL ANALYSIS – Prices are testing resistance at 10796-98 area, marked by the 23.6% Fibonacci expansion and the top of a falling channel set from early July. A reversal downward from here sees initial support at 10760, with a break below that targeting 10693 and 10646. Alternatively, a push through resistance aims for the 38.2% Fib at 10882.

Forex_US_Dollar_Attempting_to_Break_Two-Month_Down_Trend_body_Picture_5.png, US Dollar Attempting to Break Two-Month Down Trend

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 recovered from a support region bracketed by a pair of trend lines set from the November 2012 swing bottom to edge above the 23.6% Fibonacci retracement at 1646.20. The bulls now aim to challenge the 38.2% level at 1658.30. A reversal back below the 1646.20 level eyes trend line support at 1632.10.

Forex_US_Dollar_Attempting_to_Break_Two-Month_Down_Trend_body_Picture_6.png, US Dollar Attempting to Break Two-Month Down Trend

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned lower as expected, taking out support at the bottom of a rising channel set from early August to expose the 23.6% Fibonacci retracement at 1373.79. A break below that aims for the 38.2% level at 1336.79. The channel bottom – now at 1420.18 – has been recast as near-term resistance.

Forex_US_Dollar_Attempting_to_Break_Two-Month_Down_Trend_body_Picture_7.png, US Dollar Attempting to Break Two-Month Down Trend

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices pulled back as expected after showing a Shooting Star candlestick. Sellers have now cleared resistance-turned-support at the top of a Triangle chart pattern (107.76) to challenge the 23.6% Fibonacci retracement at 105.93. A break below that targets the Triangle bottom at 104.00. A move back above the Triangle top exposes the 110.00 figure, followed by the August 28 high at 112.21.

Forex_US_Dollar_Attempting_to_Break_Two-Month_Down_Trend_body_Picture_8.png, US Dollar Attempting to Break Two-Month Down Trend

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

DISCLOSURES

News & Analysis at your fingertips.