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US Dollar Holding at Chart Support Before Critical Event Risk

US Dollar Holding at Chart Support Before Critical Event Risk

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Holds at Key Support Before Critical Event Risk
  • S&P 500 Bearish Technical Setup Remains Valid for Now
  • Gold Vulnerable to Renewed Selling, Oil May Bounce

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices are retesting resistance-turned-support at 10509, the 23.6% Fibonacci retracement level. A break downward initially targets a rising trend line set from early April, now at 10480. Near-term resistance is in the 10588-604 area, marked by the top of a falling channel established from early July and the 38.2% level. A break above that exposes the 50% Fib at 10682.

Forex_US_Dollar_Holding_at_Chart_Support_Before_Critical_Event_Risk_body_Picture_5.png, US Dollar Holding at Chart Support Before Critical Event Risk

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, arguing for a reversal downward ahead. Follow-through has been lacking thus far but the setup remains valid absent a daily close above the formation’s top at 1778.90, the October 30 high. Initial support is at 1747.70, the 23.6% Fibonacci retracement. A break below that initially exposes the 38.2% level at 1728.50.

Forex_US_Dollar_Holding_at_Chart_Support_Before_Critical_Event_Risk_body_Picture_6.png, US Dollar Holding at Chart Support Before Critical Event Risk

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below support at 1318.73, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1292.15. A further push beneath that eyes the 50% Fib at 1270.67. Alternatively, a break back above 1318.73 targets the 14.6% expansion at 1335.12.

Forex_US_Dollar_Holding_at_Chart_Support_Before_Critical_Event_Risk_body_Picture_7.png, US Dollar Holding at Chart Support Before Critical Event Risk

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Bullish Engulfing candlestick pattern at the bottom of a falling channel set from early September, hinting a bounce is ahead. Near-term trend line resistance is at 95.24, with a break above that targeting the channel top at 98.29. Initial support is at 93.09, the November 5 low.

Forex_US_Dollar_Holding_at_Chart_Support_Before_Critical_Event_Risk_body_Picture_8.png, US Dollar Holding at Chart Support Before Critical Event Risk

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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