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US Dollar Range-Bound, SPX 500 Flirting with Key Support

US Dollar Range-Bound, SPX 500 Flirting with Key Support

2013-12-02 03:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Range-Bound Below November Swing Top
  • S&P 500 Cautiously Probing Below Wedge Support
  • Crude Oil Moves to Test Boundaries of Down Trend

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 as expected, forming a bearish Dark Cloud Cover candlestick patter below resistance in the 10641-53 area marked by the November 12 high and the 23.6% Fibonacci expansion. Initial support is at 10589, the 23.6% Fib retracement, with a break below that targeting the 38.2% mark at 10589. Alternatively, a turn above 10653 aims for the 38.2% expansion at 10839.

Forex_US_Dollar_Range-Bound_SPX_500_Flirting_with_Key_Support_body_Picture_5.png, US Dollar Range-Bound, SPX 500 Flirting with Key Support

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 are attempting to turn lower, as expected. A break below Rising Wedge support (1808.40) exposes 1773.90, the 23.6% Fibonacci retracement. Resistance is at 1813.10, the November 29 high. A turn above that eyes Wedge resistance at 1824.70.

Forex_US_Dollar_Range-Bound_SPX_500_Flirting_with_Key_Support_body_Picture_6.png, US Dollar Range-Bound, SPX 500 Flirting with Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are turning lower from resistance in the 1252.08-1256.18 area, marked by a falling trend line set from late October and the 23.6% Fibonacci retracement. Near-term support is at 1222.60, the 76.4% Fib expansion, with a break lower exposing the 100% mark at 1179.63. Alternatively, a turn above 1256.18 eyes the 38.2% retracement at 1276.35.

Forex_US_Dollar_Range-Bound_SPX_500_Flirting_with_Key_Support_body_Picture_7.png, US Dollar Range-Bound, SPX 500 Flirting with Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance at the top of a falling channel set from late August (93.63). A break higher initially exposes 95.36, followed by the 23.6% Fibonacci retracement at 96.57. Near-term support is at 91.74, the November 27 low. Pushing below that eyes a falling trend line at 91.53.

Forex_US_Dollar_Range-Bound_SPX_500_Flirting_with_Key_Support_body_Picture_8.png, US Dollar Range-Bound, SPX 500 Flirting with Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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