US Dollar Still Range-Bound as SPX 500 Finds Interim Support
- US Dollar Remains Locked in Narrow Range
- S&P 500 Selloff Meets Interim Support Level
- Crude Oil Prices Sinking Toward Nov’13 Low
US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. A break above range resistance at 10706 targets 10727, the December 19 high, followed by a rising channel top at 10750. Alternatively, a move below range support at 10646 exposes the channel bottom at 10631.
** 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 support at 1828.14, the 23.6% Fibonacci retracement. A break downward initially exposes 1815.18, the 38.2% level. Near-term resistance is at 1849.10, the December 30 swing high.
GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Harami candlestick pattern. A break above resistance at 1224.39, the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1250.63. A further push beyond that aims for the 50% Fib at 1271.84. The 1224.39 mark has been recast as near-term support.
CRUDE OIL TECHNICAL ANALYSIS– Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. A break below 93.86, the 76.4% Fibonacci retracement, exposes the November 26 low at 91.74. Reversing above resistance at 95.17, the 61.8% Fib, targets the 50% retracement at 96.24.
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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