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US Dollar in Digestion Mode, SPX 500 Hints at Reversal Ahead

US Dollar in Digestion Mode, SPX 500 Hints at Reversal Ahead

Ilya Spivak, Head Strategist, APAC

Talking Points:

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 10719-33 area (rising channel top, 23.6% Fibonacci expansion) exposes the 38.2% level at 10773. Support is at 10646, with a move beneath that eyeing the channel bottom at 10623.

Forex_US_Dollar_in_Digestion_Mode_SPX_500_Hints_at_Reversal_Ahead_body_Picture_5.png, US Dollar in Digestion Mode, SPX 500 Hints at Reversal Ahead

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 – A Bearish Engulfing candlestick pattern hints a move lower is ahead. Near-term support is at 1828.10, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 1815.20. Near-term resistance is at 1849.10, the December 31 high.

Forex_US_Dollar_in_Digestion_Mode_SPX_500_Hints_at_Reversal_Ahead_body_Picture_6.png, US Dollar in Digestion Mode, SPX 500 Hints at Reversal Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned higher as expected after putting in a Harami candlestick pattern. Near-term resistance is at 1248.70, the 38.2% Fibonacci retracement, with a break higher targeting the 50% level at 1270.28. A turn back below resistance-turned-support at 1217.75 exposes a falling trend line at 1202.91.

Forex_US_Dollar_in_Digestion_Mode_SPX_500_Hints_at_Reversal_Ahead_body_Picture_7.png, US Dollar in Digestion Mode, SPX 500 Hints at Reversal Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. A break below 95.17, the 61.8% Fibonacci retracement, exposes the 76.4% level at 93.86. Reversing above resistance at 96.23, the 50% Fib, targets the 38.2% retracement at 97.30.

Forex_US_Dollar_in_Digestion_Mode_SPX_500_Hints_at_Reversal_Ahead_body_Picture_8.png, US Dollar in Digestion Mode, SPX 500 Hints at Reversal Ahead

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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