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Dollar Soars to Three-Month High, SPX 500 Topping Pattern Set

Dollar Soars to Three-Month High, SPX 500 Topping Pattern Set

2013-12-13 13:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Rebounds as Expected, Tags 3-Month High
  • S&P 500 Completes Double Top, Looks to Test 1750.00
  • Gold Prices Falter at Resistance, Target December Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance in the 10669-85 area, marked by the December 4 high and the 38.2% Fibonacci expansion, opens the door for a challenge of the 50% level at 10723. Near-term support is at 10612, a former range bottom, followed by 10565 (the December 10 low).

Forex_Dollar_Soars_to_Three-Month_High_SPX_500_Topping_Pattern_Set_body_Picture_5.png, Dollar Soars to Three-Month High, SPX 500 Topping Pattern Set

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 fell as expected, with a break below resistance-turned-support at 1778.90 (October 30 swing high) exposing the 38.2% Fibonacci retracement at 1749.60. A further push below that targets the 50% level at 1730.00. Alternatively, turning back above 1778.90 targets the 1813.10 (November 29 high).

Forex_Dollar_Soars_to_Three-Month_High_SPX_500_Topping_Pattern_Set_body_Picture_6.png, Dollar Soars to Three-Month High, SPX 500 Topping Pattern Set

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from support-turned-resistance at 1260.84 and turned lower anew, clearing the 23.6% Fibonacci expansion at 1232.29. Sellers now aim to challenge the 38.2% level at 1210.35, with a further push beneath that targeting the 50% Fib at 1192.62. Alternatively, a reversal back above 1232.29 exposes 1260.84 anew.

Forex_Dollar_Soars_to_Three-Month_High_SPX_500_Topping_Pattern_Set_body_Picture_7.png, Dollar Soars to Three-Month High, SPX 500 Topping Pattern Set

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 98.74-99.56 area, marked by the October 28 swing high and the 38.2% Fibonacci retracement, hinting a move lower is ahead. Near-term support is at 96.57, the 23.6% Fib, with a break below that targeting 95.36. Alternatively, a push above 99.56 aims for the 50% retracement at 101.97.

Forex_Dollar_Soars_to_Three-Month_High_SPX_500_Topping_Pattern_Set_body_Picture_8.png, Dollar Soars to Three-Month High, SPX 500 Topping Pattern Set

Daily Chart - Created Using FXCM Marketscope 2.0

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

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