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US Dollar Finds Interim Support, SPX 500 Bias Favors Gains

US Dollar Finds Interim Support, SPX 500 Bias Favors Gains

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Finds Interim Support at Augusts’ Swing Low
  • S&P 500 Rally Pauses But Positioning Still Favors Gains
  • Gold Snaps Trend Support, Aims Below $1300/oz Mark

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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 – Prices found interim support in the 10646-57 area, marked by the August 16 low and the 61.8% Fibonacci expansion. Near-term resistance is at 10687, the 50% level, with a break above that targeting the 38.2% Fib at 10716. Alternatively, a move below support exposes the 76.4% expansion at 10620.

Forex_US_Dollar_Finds_Interim_Support_SPX_500_Bias_Favors_Gains_body_Picture_5.png, US Dollar Finds Interim Support, SPX 500 Bias Favors Gains

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. The bulls have now cleared the 38.2% Fibonacci expansion at 1684.10, exposing the 50% level at 1701.90. A further break above this barrier aims for the August 2 high at 1709.60 and the 61.8 Fib 1719.60. The 1684.10 level has been recast as support.

Forex_US_Dollar_Finds_Interim_Support_SPX_500_Bias_Favors_Gains_body_Picture_6.png, US Dollar Finds Interim Support, SPX 500 Bias Favors Gains

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below the bottom of a rising channel set from late-June and cleared the 1343.73-47.52 region marked by a horizontal pivot as well as the 14.6% Fibonacci expansion. Sellers now aim to challenge the 23.6% level at 1288.32. Alternatively, a reversal back above 1347.52 opens the door for a retest of the channel bottom, now at 1363.72.

Forex_US_Dollar_Finds_Interim_Support_SPX_500_Bias_Favors_Gains_body_Picture_7.png, US Dollar Finds Interim Support, SPX 500 Bias Favors Gains

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. Near-term support is now at 105.93, the 23.6% Fibonacci retracement, with a break below that targeting the bottom of a rising channel set from early July (now at 104.28). Channel resistance is at 110.64.

Forex_US_Dollar_Finds_Interim_Support_SPX_500_Bias_Favors_Gains_body_Picture_8.png, US Dollar Finds Interim Support, SPX 500 Bias Favors Gains

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @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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