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US Dollar, SPX 500 Struggle With Trend Follow-Through

US Dollar, SPX 500 Struggle With Trend Follow-Through

2014-01-09 05:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Still Struggling to Find Trend Continuation
  • S&P 500 Reversal Unable to Generate Follow-Through
  • Crude Oil Aims Sub-$91.00 After Chart Support Break

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 at 10719, the 23.6% Fibonacci expansion, targets the December 19 high at 10727 and a rising channel top at 10749. Near-term support is in the 10640-46 area, marked by a horizontal pivot and the channel bottom.

Forex_US_Dollar_SPX_500_Struggle_With_Trend_Follow-Through_body_Picture_5.png, US Dollar, SPX 500 Struggle With Trend Follow-Through

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 bounced from support at 1823.80, the 38.2% Fibonacci expansion. A break above 1843.40 – the 50% level – exposes the December 31 high at 1849.10 and the 61.8% Fib at 1863.00. Alternatively a reversal below 1823.80 broadly aims for the 1800 figure.

Forex_US_Dollar_SPX_500_Struggle_With_Trend_Follow-Through_body_Picture_6.png, US Dollar, SPX 500 Struggle With Trend Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned higher as expected after putting in a Harami candlestick pattern. A break above resistance in the 1217.75-22.01 area, marked by the December 2 low and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1248.70. A further push beyond that aims for the 1261.28-70.28 region, bracketed by the October 11 swing low and the 50% Fib.

Forex_US_Dollar_SPX_500_Struggle_With_Trend_Follow-Through_body_Picture_7.png, US Dollar, SPX 500 Struggle With Trend Follow-Through

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 support at 92.91, the 38.2% Fib expansion, has exposed the 50% level at 90.50. A further push beneath that targets the 61.8% Fib at 88.08. Reversing back above 92.91 eyes 95.90, the 23.6% level.

Forex_US_Dollar_SPX_500_Struggle_With_Trend_Follow-Through_body_Picture_8.png, US Dollar, SPX 500 Struggle With Trend Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

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

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