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 Eyes June Low, SPX 500 Hints at Top Taking Shape

US Dollar Eyes June Low, SPX 500 Hints at Top Taking Shape

2013-09-23 11:11:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

  • US Dollar Poised to Test June Low After Trend Line Break
  • S&P 500 Chart Positioning Reveals Bearish Reversal Clues
  • Gold Recoils from Resistance, Inches to Pre-FOMC Bottom

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

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

US DOLLAR TECHNICAL ANALYSIS – Prices broke support at a rising trend line set from late March, exposing the June bottom at 10469. A push beneath that targets 10391. The trend line – now at 10592 – has been recast as resistance, with a turn back above that targeting 10646.

Forex_US_Dollar_Eyes_June_Low_SPX_500_Hints_at_Top_Taking_Shape_body_Picture_5.png, US Dollar Eyes June Low, SPX 500 Hints at Top Taking Shape

Weekly 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 are testing resistance at 1713.30, the 23.6% Fibonacci expansion. A break above this barrier targets a long-term channel top set from mid-2011, now at 1748.40. Negative RSI divergence warns of ebbing bullish momentum and hints a reversal downward may be brewing however. Near-term trend line support is now at 1647.20.

Forex_US_Dollar_Eyes_June_Low_SPX_500_Hints_at_Top_Taking_Shape_body_Picture_6.png, US Dollar Eyes June Low, SPX 500 Hints at Top Taking Shape

Weekly Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from support-turned-resistance at the underside of a rising channel set from the late-June swing bottom. A break through the 1341.60-47.52 area, marked by a horizontal pivot and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1320.86. Pushing further beneath that eyes the 50% Fib at 1304.10. Alternatively, a move back above 1347.52 targets the channel top (now at 1383.00) anew.

Forex_US_Dollar_Eyes_June_Low_SPX_500_Hints_at_Top_Taking_Shape_body_Picture_7.png, US Dollar Eyes June Low, SPX 500 Hints at Top Taking Shape

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing rising trend line support set from mid-April, now at 104.14. A break below that initially exposes the 38.2% Fibonacci retracement at 102.05. Near-term resistance is at 105.93, the 23.6% level.

Forex_US_Dollar_Eyes_June_Low_SPX_500_Hints_at_Top_Taking_Shape_body_Picture_8.png, US Dollar Eyes June Low, SPX 500 Hints at Top Taking Shape

Weekly Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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.