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Dollar Rebounds from June Bottom, SPX 500 May Correct Higher

Dollar Rebounds from June Bottom, SPX 500 May Correct Higher

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Launching Rebound from June Bottom, as Expected
  • S&P 500 Candlestick Setup Hints a Recovery May be Ahead
  • Gold Recoils from Trend Line Resistance, Aim Below 1300.00

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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 are rising as expected after putting in a bullish Morning Star candlestick pattern above support at 10469, the June swing bottom. Initial resistance is at 10536, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 10591.

Forex_Dollar_Rebounds_from_June_Bottom_SPX_500_May_Correct_Higher_body_Picture_5.png, Dollar Rebounds from June Bottom, SPX 500 May Correct Higher

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 put in a Spinning Top candlestick at support marked by a rising trend line set from late February, hinting a bounce may be ahead. Near-term resistance is in the 1672.30-40 area, marked by the underside of the broken trend line as well as a horizontal pivot level (1672.40) and the 23.6% Fibonacci expansion. A break above that exposes the 38.2% level at 1688.00. Trend line support is now at 1653.80, followed by the October 9 low at 1646.90.

Forex_Dollar_Rebounds_from_June_Bottom_SPX_500_May_Correct_Higher_body_Picture_6.png, Dollar Rebounds from June Bottom, SPX 500 May Correct Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from falling trend line set from late August to test below support at 1306.88, the 50% Fibonacci retracement. Continued weakness from here sees the next layer of support at 1276.97, the 61.8% Fib. Trend line resistance is now at 1321.03, followed by the 38.2% retracement at 1336.79.

Forex_Dollar_Rebounds_from_June_Bottom_SPX_500_May_Correct_Higher_body_Picture_7.png, Dollar Rebounds from June Bottom, SPX 500 May Correct Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are wedged between support at 100.88, a horizontal pivot dating back to April 2012, and the underside of a rising channel set from early July (104.98). This is reinforced by the top of a falling channel set from the August 28 swing high. A break upward aims for the underside of a rising trend line set from mid-April (107.58). Alternatively, a push through support initially targets supports at the 100.00 figure and 98.99.

Forex_Dollar_Rebounds_from_June_Bottom_SPX_500_May_Correct_Higher_body_Picture_8.png, Dollar Rebounds from June Bottom, SPX 500 May Correct Higher

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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