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US Dollar in Consolidation Mode, SPX 500 Meets Resistance

US Dollar in Consolidation Mode, SPX 500 Meets Resistance

2013-12-27 05:39:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Consolidating Below December Swing Top
  • S&P 500 Sets Record High, Meets Chart Resistance
  • Crude Oil Inching to Psychological $100.00 Barrier

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. Resistance is now at 10723, the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 10760. Support is in the 10669-85 area, marked by the December 4 swing high and the 38.2% Fib.

Forex_US_Dollar_in_Consolidation_Mode_SPX_500_Meets_Resistance_body_Picture_5.png, US Dollar in Consolidation Mode, SPX 500 Meets Resistance

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 are testing resistance at 1843.40, the 50% Fibonacci expansion, with a break higher exposing the 61.8% level at 1863.00. Near-term support is at 1823.80, the 38.2% Fib, followed by the November 29 high 1813.10 and horizontal pivot cluster in the 1773.40-1782.60 area.

Forex_US_Dollar_in_Consolidation_Mode_SPX_500_Meets_Resistance_body_Picture_6.png, US Dollar in Consolidation Mode, SPX 500 Meets Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are edging higher as expected after putting in a Harami candlestick pattern. Near-term resistance is at 1217.75, with a break above that exposing the 1251.54-67.71 area. Near-term support is at 1186.83, the December 20 low.

Forex_US_Dollar_in_Consolidation_Mode_SPX_500_Meets_Resistance_body_Picture_7.png, US Dollar in Consolidation Mode, SPX 500 Meets Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance at 99.69, the 50% Fibonacci expansion, with a break higher targeting the 61.8% level at 100.51. Support is in the 98.74-86 area, marked by the 38.2% Fib and a horizontal pivot level. Reversing beneath that initially eyes the 23.6% expansion at 97.84.

Forex_US_Dollar_in_Consolidation_Mode_SPX_500_Meets_Resistance_body_Picture_8.png, US Dollar in Consolidation Mode, SPX 500 Meets Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

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

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