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US Dollar Trying to Break Higher, SPX 500 Reversal Accelerates

US Dollar Trying to Break Higher, SPX 500 Reversal Accelerates

2013-12-04 12:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Struggling to Clear November Swing Top
  • S&P 500 Reversal Accelerating After Wedge Break
  • Crude Oil Soars After Piercing Channel Resistance

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_Struggling_to_Break_Higher_SPX_500_Reversal_Accelerates_body_Picture_5.png, US Dollar Trying to Break Higher, SPX 500 Reversal Accelerates

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 push below that targets the 38.2% level at 1749.60. Wedge bottom support-turned-resistance is at 1816.60, with a move above that eyeing the November 29 high at 1813.10.

Forex_US_Dollar_Struggling_to_Break_Higher_SPX_500_Reversal_Accelerates_body_Picture_6.png, US Dollar Trying to Break Higher, SPX 500 Reversal Accelerates

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below support at 1225.48, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1205.31. This barrier is reinforced by the $1200/oz figure, with a move beneath that targeting the 50% expansion at 1189.01. A turn back above 1225.48 eyes the 14% Fib at 1237.91.

Forex_US_Dollar_Struggling_to_Break_Higher_SPX_500_Reversal_Accelerates_body_Picture_7.png, US Dollar Trying to Break Higher, SPX 500 Reversal Accelerates

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices continued higher as expected after breaking resistance at the top of a falling channel set from late August. A break above 96.57, the 23.6% Fibonacci retracement, has exposed the 38.2% level at 99.56. Alternatively, turning back below 96.57 aims for horizontal resistance-turned-support at 96.57.

Forex_US_Dollar_Struggling_to_Break_Higher_SPX_500_Reversal_Accelerates_body_Picture_8.png, US Dollar Trying to Break Higher, SPX 500 Reversal Accelerates

Daily Chart - Created Using FXCM Marketscope 2.0

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

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