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Dollar Locked in Familiar Range, SPX 500 Selloff Meets Support

Dollar Locked in Familiar Range, SPX 500 Selloff Meets Support

2013-12-05 05:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Continues to Oscillate in a Familiar Range
  • S&P 500 Selloff Meets Initial Fibonacci Support Level
  • Crude Oil Rebound Sees Next Resistance Below $100

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

US DOLLAR TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 10641-53 area marked by the November 12 high and the 23.6% Fibonacci expansion. Support is at 10589, the 23.6% Fib retracement. A break upward aims for the 38.2% expansion at 10839. Alternatively, a move below 10589 eyes the 38.2% retracement at 10544.

Forex_Dollar_Locked_in_Familiar_Range_SPX_500_Selloff_Meets_Support_body_Picture_5.png, Dollar Locked in Familiar Range, SPX 500 Selloff Meets 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 broke lower as expected, completing a Rising Wedge chart formation. Initial support is at 1788.80, the 14.6% Fibonacci retracement, with break below that targeting the 23.6% level at 1773.90. Near-term resistance is at 1813.10, the November 29 high.

Forex_Dollar_Locked_in_Familiar_Range_SPX_500_Selloff_Meets_Support_body_Picture_6.png, Dollar Locked in Familiar Range, SPX 500 Selloff Meets Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a bullish Morning Star candlestick pattern, hinting a move higher is ahead. Early signs of positive RSI divergence reinforce the case for an upside scenario. Resistance is in the 1237.57-51.54 area, marked by the 23.6% Fibonacci retracement and the October 15 low. A break above that initially targets the 38.2% level at 1268.98. Near-term support is at 1211.67, the December 4 low.

Forex_Dollar_Locked_in_Familiar_Range_SPX_500_Selloff_Meets_Support_body_Picture_7.png, Dollar Locked in Familiar Range, SPX 500 Selloff Meets Support

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_Dollar_Locked_in_Familiar_Range_SPX_500_Selloff_Meets_Support_body_Picture_8.png, Dollar Locked in Familiar Range, SPX 500 Selloff Meets Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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