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US Dollar Upside Bias Favored, SPX 500 Snaps 3-Day Win Streak

US Dollar Upside Bias Favored, SPX 500 Snaps 3-Day Win Streak

2013-11-19 05:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Upside Bias Favored as Prices Stubbornly Hold Support
  • S&P 500 Snaps 3-Day Rally as Prices Stall Ahead of the 1800 Level
  • Gold Recoils from Resistance, Crude Oil Slips Below $93.00 Figure

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 in the 10550-65 area, marked by the top of a falling channel set from July and a horizontal barrier in play since late September. A break downward initially 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_Upside_Bias_Favored_SPX_500_Snaps_3-Day_Win_Streak_body_Picture_5.png, US Dollar Upside Bias Favored, SPX 500 Snaps 3-Day Win Streak

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 pulled back retest resistance-turned-support at 1790.50, 38.2%Fibonacci expansion.Negative RSI divergence warns of ebbing bullish momentum, hinting at the threat of a downward reversal. Breaking below 1790.50 initially exposes the 23.6% Fib at 1771.30. Resistance is now at 1806.10, the 50% expansion.

Forex_US_Dollar_Upside_Bias_Favored_SPX_500_Snaps_3-Day_Win_Streak_body_Picture_6.png, US Dollar Upside Bias Favored, SPX 500 Snaps 3-Day Win Streak

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from resistance at 1292.15, marked by the 38.2% Fibonacci expansion and reinforced by a falling trend line set from October 28. A break below support at 1270.67 threatens to overturn a bullish Piercing Line candlestick pattern and expose the 61.8% Fib at 1249.18. Alternatively, a reversal above resistance targets the 23.6% expansion at 1318.73.

Forex_US_Dollar_Upside_Bias_Favored_SPX_500_Snaps_3-Day_Win_Streak_body_Picture_7.png, US Dollar Upside Bias Favored, SPX 500 Snaps 3-Day Win Streak

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices continue to consolidate the November 14 low 92.49, with positive RSI divergence hinting a bounce may be ahead. Initial resistance is at 95.37, marked by the 14.6% Fibonacci expansion and reinforced by the top of a falling channel set from late August. A break above that initially exposes the 23.6% level at 97.14. Alternatively, a move below 92.49 targets the channel bottom at 90.56.

Forex_US_Dollar_Upside_Bias_Favored_SPX_500_Snaps_3-Day_Win_Streak_body_Picture_8.png, US Dollar Upside Bias Favored, SPX 500 Snaps 3-Day Win Streak

Daily Chart - Created Using FXCM Marketscope 2.0

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

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