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Dollar Struggling to Hold Support, SPX 500 Eyeing November Top

Dollar Struggling to Hold Support, SPX 500 Eyeing November Top

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Testing Below Three-Week Range Support
  • S&P 500 Attempting to Breach November Swing High
  • Crude Oil Probing Higher, Gold Bouncing as Expected

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

US DOLLAR TECHNICAL ANALYSIS – Prices are testing below range support marked by a Fibonacci cluster in the 10595-603 area. A break downward on a daily closing basis exposes 10549, the 38.2% Fib retracement. Alternatively, reversing above resistance at 10645 (38.2% Fib expansion) exposes 10679, the 50% expansion level.

Forex_Dollar_Struggling_to_Hold_Support_SPX_500_Eyeing_November_Top_body_Picture_5.png, Dollar Struggling to Hold Support, SPX 500 Eyeing November Top

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 rebounded from resistance-turned-support at 1778.90 (October 30 swing high). Resistance is in the 1813.10-17.80 area, marked by the November 29 high and the 23.6% Fibonacci expansion. A break above that targets the 38.2% level at 1842.10. Reversing below support exposes the 38.2% Fib retracement at 1749.60.

Forex_Dollar_Struggling_to_Hold_Support_SPX_500_Eyeing_November_Top_body_Picture_6.png, Dollar Struggling to Hold Support, SPX 500 Eyeing November Top

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. Positive RSI divergence reinforces 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_Struggling_to_Hold_Support_SPX_500_Eyeing_November_Top_body_Picture_7.png, Dollar Struggling to Hold Support, SPX 500 Eyeing November Top

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 close above resistance at 98.02, the 23.6% Fibonacci expansion, exposes the 38.2% level at 101.90. Near-term resistance-turned-support is at 95.36.

Forex_Dollar_Struggling_to_Hold_Support_SPX_500_Eyeing_November_Top_body_Picture_8.png, Dollar Struggling to Hold Support, SPX 500 Eyeing November Top

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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