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US Dollar Launches Sharp Rebound as SPX 500 Finds Support

US Dollar Launches Sharp Rebound as SPX 500 Finds Support

2014-01-15 05:52:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Rebounds to Invalidate Range Break
  • S&P 500 Recoils Higher After Hitting 3-Week Low
  • Gold Chart Setup Hints Renewed Selling is Ahead

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

US DOLLAR TECHNICAL ANALYSISPrices overturned yesterday’s range support break and turned sharply higher, forming a Bullish Engulfing candlestick pattern. Initial resistance is at 10707, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 10761. Channel support is now at 10633.

Forex_US_Dollar_Launches_Sharp_Rebound_as_SPX_500_Finds_Support_body_Picture_5.png, US Dollar Launches Sharp Rebound as SPX 500 Finds Support

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 swiftly rebounded from support at 1819.60, the 14.6% Fibonacci retracement. Breaking above resistance at 1844.90 – the 14.6% Fib expansion – targets the 23.6% level at 1863.10. Alternatively, a turn below support targets the 23.6% retracement at 1801.40.

Forex_US_Dollar_Launches_Sharp_Rebound_as_SPX_500_Finds_Support_body_Picture_6.png, US Dollar Launches Sharp Rebound as SPX 500 Finds Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern below support-turned-resistance at 1261.28, hinting a move lower is ahead. Near-term support is in the 1212.03-17.75 area, marked by the December 2 low and the 23.6% Fibonacci expansion. A break below that targets the 1200.00 figure and the 38.2% level at 1185.34.

Forex_US_Dollar_Launches_Sharp_Rebound_as_SPX_500_Finds_Support_body_Picture_7.png, US Dollar Launches Sharp Rebound as SPX 500 Finds Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices overturned yesterday’s breakdown, completing a bullish Piercing Line candlestick pattern. Breaking above resistance at 93.46 – the 23.6% Fibonacci retracement – exposes the 38.2% level at 94.85. Near-term support is at 91.21, the January 9 swing low.

Forex_US_Dollar_Launches_Sharp_Rebound_as_SPX_500_Finds_Support_body_Picture_8.png, US Dollar Launches Sharp Rebound as SPX 500 Finds Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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