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US Dollar Meets Trend Support, SPX 500 Rejected at Range Top

US Dollar Meets Trend Support, SPX 500 Rejected at Range Top

2014-01-24 07:48:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Perched at Two-Month Rising Trend Support
  • S&P 500 Edges to the Bottom of Familiar Price Range
  • Crude Oil Targeting Above $98.00 as Rally Continues

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

US DOLLAR TECHNICAL ANALYSISPrices are testing support in the 10651-61 area, marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break lower initially targets the 38.2% level at 10602. Alternatively, a turn back above resistance at 10718 – a horizontal pivot – eyes the 10756-73 region (January 21 high, rising channel top).

Forex_US_Dollar_Meets_Trend_Support_SPX_500_Rejected_at_Range_Top_body_Picture_5.png, US Dollar Meets Trend Support, SPX 500 Rejected at Range Top

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 ANALYSISPrices are testing resistance in the 1844.90-49.10 area, marked by the December 31 high and the 14.6% Fibonacci expansion. A break higher exposes the 23.6% level at 1863.10. Near-term support is at 1819.60, the 14.6% Fib retracement, with a move below that targeting the 23.6% threshold at 1801.40.

Forex_US_Dollar_Meets_Trend_Support_SPX_500_Rejected_at_Range_Top_body_Picture_6.png, US Dollar Meets Trend Support, SPX 500 Rejected at Range Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance in the 1263.19-67.71 area, marked by the top of a rising channel, a former support level dating back to October, and the 38.2% Fibonacci expansion. A break higher targets the 50% and 61.8% Fibs at 1272.99 and 1282.80, respectively. Channel support is now at 1233.20.

Forex_US_Dollar_Meets_Trend_Support_SPX_500_Rejected_at_Range_Top_body_Picture_7.png, US Dollar Meets Trend Support, SPX 500 Rejected at Range Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSISPrices pushed higher as expected after putting in a bullish Piercing Line candlestick pattern. Buyers now aim to challenge 97.48, the 76.4% Fibonacci expansion, with a break above that targeting the December 27 high at 100.73. Reversing back below the 61.8% level at 97.09 exposes the 50% Fib at 95.97.

Forex_US_Dollar_Meets_Trend_Support_SPX_500_Rejected_at_Range_Top_body_Picture_8.png, US Dollar Meets Trend Support, SPX 500 Rejected at Range Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

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