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US Dollar Attempts to Build Higher Before Key NFP Data

US Dollar Attempts to Build Higher Before Key NFP Data

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Attempts to Build Higher Before Key NFP Report
  • S&P 500 Bearish Chart Setup Begins to Show Follow-Through
  • Gold Aims Below 1300, Crude Oil Positioning for a Rebound

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to build higher from resistance-turned-support at 10509, the 23.6% Fibonacci retracement level. Near-term resistance is in the 10583-604 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. Alternatively, a turn below support initially targets a rising trend line set from early April, now at 10476.

Forex_US_Dollar_Attempts_to_Build_Higher_Before_Key_NFP_Data_body_Picture_5.png, US Dollar Attempts to Build Higher Before Key NFP Data

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 appear to be starting to build lower as expected after putting in a Bearish Engulfing candlestick pattern. Initial support is at 1747.70, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 1728.50. Near-term resistance is at 1778.90, the October 30 high.

Forex_US_Dollar_Attempts_to_Build_Higher_Before_Key_NFP_Data_body_Picture_6.png, US Dollar Attempts to Build Higher Before Key NFP Data

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_Attempts_to_Build_Higher_Before_Key_NFP_Data_body_Picture_7.png, US Dollar Attempts to Build Higher Before Key NFP Data

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 94.75, with a break above that targeting the channel top at 98.03. Initial support is at 93.09, the November 5 low.

Forex_US_Dollar_Attempts_to_Build_Higher_Before_Key_NFP_Data_body_Picture_8.png, US Dollar Attempts to Build Higher Before Key NFP Data

Daily Chart - Created Using FXCM Marketscope 2.0

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

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