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Talking Points

  • US Dollar Recovery Meets Critical Technical Resistance Level
  • S&P 500 Chart Setup Hints a Reversal Downward May be Ahead
  • Crude Oil Rebound Fizzles, Gold Struggling Above $1350.00

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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 testing resistance in the 10494-509 area, marked by a falling trend line and the 23.6% Fibonacci retracement. A break upward targets the 38.2% level at 10604. Near-term support is at 10424, the March-May bottom, followed by the October 23 low at 10354.

Forex_US_Dollar_Meets_Resistance_SPX_500_Signals_Turn_Lower_Ahead_body_Picture_5.png, US Dollar Meets Resistance, SPX 500 Signals Turn Lower Ahead

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 Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Near-term support is at 1747.70, the 23.6% Fibonacci retracement. A break below that initially exposes the 38.2% level at 1728.50. Near-term resistance is at 1778.90, the October 30 high.

Forex_US_Dollar_Meets_Resistance_SPX_500_Signals_Turn_Lower_Ahead_body_Picture_6.png, US Dollar Meets Resistance, SPX 500 Signals Turn Lower Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke higher as expected after putting in a bullish Morning Star candlestick pattern. A pullback from resistance at 1364.06, the 61.8% Fibonacci retracement, sees prices testing the 50% level at 1342.57 as support. A break downward initially targets the 38.2% Fib at 1321.09. Alternatively, a reversal above resistance aims for the 76.4% retracement at 1390.64.

Forex_US_Dollar_Meets_Resistance_SPX_500_Signals_Turn_Lower_Ahead_body_Picture_7.png, US Dollar Meets Resistance, SPX 500 Signals Turn Lower Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices turned lower anew, with sellers now aiming to challenge support at 95.82 marked by the intersection of the 76.4% Fibonacci expansion and the bottom of a falling channel set from late August. A break below that initially targets the 100% level at 93.18. Near-term resistance is at 97.45, the 61.8% Fib, with a reversal above that aiming for the 50% expansion at 98.76.

Forex_US_Dollar_Meets_Resistance_SPX_500_Signals_Turn_Lower_Ahead_body_Picture_8.png, US Dollar Meets Resistance, SPX 500 Signals Turn Lower Ahead

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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