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US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Range-Bound in Familiar Territory Above June Low
  • S&P 500 Recovers as Expected, Reclaims Foothold Above 1700
  • Gold Technical Positioning Hints at a Possible Rebound Ahead

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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 edged higher as expected after putting in a bullish Morning Star candlestick pattern above support at 10469, the June swing bottom. Initial resistance is at 10539, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 10591.

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_usd.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

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 recovered as expected after showing a Spinning Top candlestick at support marked by a rising trend line set from late February. Near-term resistance is now at 1713.30, the 61.8% Fibonacci expansion, with a break above that targeting the 76.4% level at 1729.00. Alternatively, a break below support at 1700.70 the 50% Fib exposes the 38.2% expansion at 1688.00

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_spx.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a bullish Morning Star candlestick pattern, hinting a move higher is ahead. Initial resistance is at 1294.51, the 23.6% Fibonacci retracement. This barrier is reinforced by a falling trend line set from the August swing top. A break above that initially targets the 38.2% level at 1321.09. Near-term support is at 1251.54, the October 15 low.

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_gold.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

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 (105.17). A break upward aims for the underside of a rising trend line set from mid-April (108.33). Alternatively, a push through support initially targets supports at the 100.00 figure and 98.99.

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_crude.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

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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