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US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Upswing Unravels, 2-Month Down Trend Resumes
  • S&P 500 Hits 4-Week High as 1700 Figure Returns to Focus
  • Gold Prices Recoil from $1400/oz, Challenge Trend Support

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

US DOLLAR TECHNICAL ANALYSIS – A break below a counter trend line support underpinning the upswing over the past month suggests the downtrend initiated at the July swing high as resumed. Sellers now aim to challenge the 38.2% Fibonacci expansion at 10673, with a break below that targeting the 50% level at 10631. Near-term resistance is at 10726, the 23.6% Fib.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_5.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

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 vaulted higher from support in a region bracketed by a pair of trend lines set from the November 2012, taking out the 23.6% Fibonacci expansion at 1662.10 to challenge the 38.2% level at 1684.10. A break above this barrier aims for the 1700.00 figure and the 50% Fib 1701.80. The 1662.10 level has been recast as support.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_6.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices pulled back to support marked by the bottom of a rising channel set from the late-June swing bottom and a horizontal pivot barrier at 1347.52. A break below that broadly aims for the 1300/oz figure. Near-term resistance is at 1415.33, the 38.2% Fibonacci retracement.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_7.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern at resistance in the 109.66-110.32 area, marked by the February 2012 closing high and the 50% Fibonacci expansion. Near-term support is at 106.04, the 23.6% Fib, followed by a rising trend line at 104.20.Initial resistance is at 108.40, the 38.2% level.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_8.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

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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