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Breaking news

U.S. Equities continue to get hit, Dow Jones now down more than 1,000 points

US Dollar Retesting November Top, SPX 500 Begins Reversal

US Dollar Retesting November Top, SPX 500 Begins Reversal

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Returns to Retest November Swing High
  • S&P 500 Wedge Completed, Hinting at Deeper Losses
  • Crude Oil Eyes the Upside After Channel Top Break

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 from resistance in the 10641-53 area marked by the November 12 high and the 23.6% Fibonacci expansion. A bounce from support above 10589, the 23.6% Fib retracement, has put resistance back in focus. A break upward aims for the 38.2% expansion at 10839. Alternatively, a move below 10589 eyes the 38.2% retracement at 10544.

Forex_US_Dollar_Retesting_November_Top_SPX_500_Begins_Reversal_body_Picture_5.png, US Dollar Retesting November Top, SPX 500 Begins Reversal

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 broke lower as expected, completing a Rising Wedge chart formation and exposing the 23.6% Fibonacci retracement at 1773.90. A break below that targets the 38.2% level at 1749.60. Wedge bottom support-turned-resistance is at 1811.30, with a move above that eyeing the November 29 high at 1813.10.

Forex_US_Dollar_Retesting_November_Top_SPX_500_Begins_Reversal_body_Picture_6.png, US Dollar Retesting November Top, SPX 500 Begins Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below support at 1222.06, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1201.89. This barrier is reinforced by the $1200/oz figure. A turn back above 1222.06 eyes the 14% Fib at 1234.49.

Forex_US_Dollar_Retesting_November_Top_SPX_500_Begins_Reversal_body_Picture_7.png, US Dollar Retesting November Top, SPX 500 Begins Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke resistance at the top of a falling channel set from late August (93.63), exposing 95.36 and the 23.6% Fibonacci retracement at 96.57. The channel top – now at 93.36 – has been recast as support, with turn back beneath that eying the November 27 low at 91.74.

Forex_US_Dollar_Retesting_November_Top_SPX_500_Begins_Reversal_body_Picture_8.png, US Dollar Retesting November Top, SPX 500 Begins Reversal

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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