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US Dollar Inches Past Support, SPX 500 Touches 3-Week Low

US Dollar Inches Past Support, SPX 500 Touches 3-Week Low

2013-10-01 01:52:00
Ilya Spivak, Sr. Currency Strategist

Talking Points

  • US Dollar Selling May Continue After a Breach of Fib Support
  • S&P 500 Hits 3-Week Low After Clearing the 1700.00 Figure
  • Gold Stuck in a Narrow Range and Waiting for Direction Cues

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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 narrowly edged below support at 10530, the 14.6% Fibonacci expansion, hinting sellers are now poised to challenge the 23.6% threshold at 10500. A narrow break of a minor Fib level does not speak to strong directional conviction however. With that in mind, a rebound from here sees the first major layer of resistance at rising trend line set from early April, now at 10591.

Forex_US_Dollar_Inches_Past_Support_SPX_500_Touches_3-Week_Low_body_Picture_5.png, US Dollar Inches Past Support, SPX 500 Touches 3-Week Low

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 are moving lower as expected, with sellers now testing 50% Fibonacci retracement support at 1680.30. A break below that targets the 61.8% level at 1667.70. Near-term resistance is at 1693.00, the 38.2% Fib, with a turn above that eyeing the 1700.00 figure and the 23.6% retracement at 1708.70.

Forex_US_Dollar_Inches_Past_Support_SPX_500_Touches_3-Week_Low_body_Picture_6.png, US Dollar Inches Past Support, SPX 500 Touches 3-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are consolidating below resistance at 1341.60, the 23.6% Fibonacci expansion. This barrier is reinforced by a falling trend line set from the late-August swing top, now at 1346.52. A break above the latter threshold initially targets the September 19 high at 1375.13. Near-term support is at 1320.86, the 38.2% level, with a move beneath that eyeing the 50% Fib at 1304.10.

Forex_US_Dollar_Inches_Past_Support_SPX_500_Touches_3-Week_Low_body_Picture_7.png, US Dollar Inches Past Support, SPX 500 Touches 3-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing support at 102.05, the 38.2% Fibonacci retracement. A break downward on a daily closing basis targets the 100.00 figure, followed by the 50% Fib at 98.91.Initial rising channel support-turned-resistance is at 105.33, with a break above that eyeing the underside of a upward sloping trend line set from mid-April (now at 106.43).

Forex_US_Dollar_Inches_Past_Support_SPX_500_Touches_3-Week_Low_body_Picture_8.png, US Dollar Inches Past Support, SPX 500 Touches 3-Week Low

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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