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Dollar Hits 3-Month Low, SPX 500 Sets New Record High

Dollar Hits 3-Month Low, SPX 500 Sets New Record High

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Sinks to 3-Month Low, Threatens Key Trend Support
  • S&P 500 Soars Past August Top to Set a New Record High
  • Gold Recoils Higher from 1300/oz Figure After FOMC Outcome

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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 plunged to meet support in the 10449-69 area marked by the June 13 low, the 100% Fibonacci expansion and a rising trend line set from September 2012. A break below this boundary targets the 123.6% level at 10363. Near-term resistance is in the 10524-35 region, bracketed by the underside of a broken falling channel bottom and the 76.4% expansion.

Forex_Dollar_Hits_3-Month_Low_SPX_500_Sets_New_Record_High_body_Picture_5.png, Dollar Hits 3-Month Low, SPX 500 Sets New Record 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 broke through the 61.8% Fibonacci expansion at 1719.60 to set a new record high. Buyers now aim to challenge the 76.4% level at 1741.60, with a breach above that eyeing the 100% level at 1777.10. The 1719.60 mark has been recast as near-term support, followed by the August 2 high at 1709.60.

Forex_Dollar_Hits_3-Month_Low_SPX_500_Sets_New_Record_High_body_Picture_6.png, Dollar Hits 3-Month Low, SPX 500 Sets New Record High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from support at 1306.88, the 50% Fibonacci retracement and surged sharply higher to test trend line resistance at 1364.48. This barrier is reinforced by the underside of a recently broken rising channel now at 1376.56. A break above the latter barrier targets the 38.2% Fib expansion at 1388.36. Near-term support is in the 1336.79-47.52 area, marked by a horizontal pivot level in play since mid-April and the 38.2% retracement.

Forex_Dollar_Hits_3-Month_Low_SPX_500_Sets_New_Record_High_body_Picture_7.png, Dollar Hits 3-Month Low, SPX 500 Sets New Record High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are bouncing from support at the bottom of a rising channel set from late July, eyeing resistance in at 111.21 marked by the formation’s top and the 23.6% Fibonacci expansion. Channel support is now at 105.32, with added reinforcement from a rising trend line at 103.16.

Forex_Dollar_Hits_3-Month_Low_SPX_500_Sets_New_Record_High_body_Picture_8.png, Dollar Hits 3-Month Low, SPX 500 Sets New Record High

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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