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US Dollar Treading Water, SPX 500 Testing September Top

US Dollar Treading Water, SPX 500 Testing September Top

2013-10-17 01:43:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • US Dollar Remains Locked in Range Above June Swing Bottom
  • S&P 500 Pushing Higher to September Swing Top Above 1700
  • Gold Chart Setup Hints at Upswing, Key Resistance Seen 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_Treading_Water_SPX_500_Testing_September_Top_body_usd.png, US Dollar Treading Water, SPX 500 Testing September Top

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 1729.00, the 76.4% Fibonacci expansion, with a break above that targeting the 100% level at 1754.40. Alternatively, a break below support at 1713.30 the 61.8% Fib exposes the 50% expansion at 1700.70

Forex_US_Dollar_Treading_Water_SPX_500_Testing_September_Top_body_spx.png, US Dollar Treading Water, SPX 500 Testing September Top

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_Treading_Water_SPX_500_Testing_September_Top_body_gold.png, US Dollar Treading Water, SPX 500 Testing September Top

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 top of a falling channel set from the August 28 swing high (now at 103.32). A break upward initially targets the underside of a rising channel set from early July (105.30).Alternatively, a push through support initially targets supports at the 100.00 figure and 98.99.

Forex_US_Dollar_Treading_Water_SPX_500_Testing_September_Top_body_crude.png, US Dollar Treading Water, SPX 500 Testing September Top

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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