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US Dollar Breaks Range Support, SPX 500 May Turn Lower Anew

US Dollar Breaks Range Support, SPX 500 May Turn Lower Anew

2013-12-11 03:53:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar Aims Lower After Clearing Range Support
  • S&P 500 May Be Readying to Turn Lower Once Again
  • Crude Oil, Gold Prices Clear Chart Resistance Levels

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

US DOLLAR TECHNICAL ANALYSIS – Prices broke range support at 10595, the 23.6% Fibonacci retracement, exposing the 38.2% level at 10549. A further push below that eyes the 50% Fib at 10512. Alternatively, reversing back above 10595 targets the December 4 high at 10669.

Forex_US_Dollar_Breaks_Range_Support_SPX_500_May_Turn_Lower_Anew_body_Picture_5.png, US Dollar Breaks Range Support, SPX 500 May Turn Lower Anew

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. A Bearish Engulfing candlestick pattern argues in favor of the downside scenario.

Forex_US_Dollar_Breaks_Range_Support_SPX_500_May_Turn_Lower_Anew_body_Picture_6.png, US Dollar Breaks Range Support, SPX 500 May Turn Lower Anew

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices advanced as expected after putting in a bullish Morning Star candlestick pattern coupled with positive RSI divergence. A break above resistance in the 1247.08-51.54 area, marked by the 23.6% Fibonacci retracement and the October 15 low, has exposed the 38.2% level at 1268.98. A further push beyond that eyes the 50% Fib at 1286.68. Alternatively, a reversal back below 1247.08 aims for the December 4 low at 1211.67.

Forex_US_Dollar_Breaks_Range_Support_SPX_500_May_Turn_Lower_Anew_body_Picture_7.png, US Dollar Breaks Range Support, SPX 500 May Turn Lower Anew

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, has exposed the 38.2% level at 101.90. A turn back below 98.02 targets resistance-turned-support is at 95.36.

Forex_US_Dollar_Breaks_Range_Support_SPX_500_May_Turn_Lower_Anew_body_Picture_8.png, US Dollar Breaks Range Support, SPX 500 May Turn Lower Anew

Daily Chart - Created Using FXCM Marketscope 2.0

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

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