News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
US Dollar Chart Favors Gains, SPX 500 Vulnerable at Record High

US Dollar Chart Favors Gains, SPX 500 Vulnerable at Record High

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Chart Positioning Favors Gains After Corrective Pullback
  • S&P 500 Sets New Record High But Bullish Momentum May Unravel
  • Gold May Be Shaping Double Bottom, Crude Oil Could Start Bounce

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

US DOLLAR TECHNICAL ANALYSIS – Prices pulled back to retest resistance-turned-support at 10565, marked by the top of a falling channel set from July and a horizontal barrier in play since late September. A break below this eyes the November 6 low at 10492. Near-term resistance is at 10653, the 23.6% Fibonacci expansion, with a push above that targeting the 38.2% level at 10839.

Forex_US_Dollar_Chart_Favors_Gains_SPX_500_Vulnerable_at_Record_High_body_Picture_5.png, US Dollar Chart Favors Gains, SPX 500 Vulnerable at Record High

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 cleared resistance at 1771.30, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1790.50. A further push beyond that eyes the 50% Fib at 1806.10. Negative RSI divergence warns of ebbing bullish momentum however, warning of a possible reversal in the works. A turn back below 1771.30 initially exposes the November 8 low at 1740.10.

Forex_US_Dollar_Chart_Favors_Gains_SPX_500_Vulnerable_at_Record_High_body_Picture_6.png, US Dollar Chart Favors Gains, SPX 500 Vulnerable at Record High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern, hinting at rebound ahead. Near-term resistance is at 1294.51, marked by the 23.6% Fibonacci retracement and reinforced by the top of a minor falling channel. A break above that initially exposes the 38.2% Fib at 1321.09. Initial support is at 1261.28, the November 12 low.

Forex_US_Dollar_Chart_Favors_Gains_SPX_500_Vulnerable_at_Record_High_body_Picture_7.png, US Dollar Chart Favors Gains, SPX 500 Vulnerable at Record High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in an Inverted Hammer candlestick above support at 93.05, the November 5 low, hinting a bounce may be ahead. Initial resistance is at 95.85, marked by the 14.6% Fibonacci expansion and reinforced by the top of a falling channel set from late August. A break higher initially exposes the 23.6% level at 97.57. Alternatively, a move below 93.05 targets the channel bottom at 91.45.

Forex_US_Dollar_Chart_Favors_Gains_SPX_500_Vulnerable_at_Record_High_body_Picture_8.png, US Dollar Chart Favors Gains, SPX 500 Vulnerable at Record High

Daily Chart - Created Using FXCM Marketscope 2.0

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES