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Forex: Is the US Dollar Preparing to Resume its Uptrend?

Forex: Is the US Dollar Preparing to Resume its Uptrend?

2014-01-27 00:28:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar May Be Preparing to Resume its Uptrend
  • S&P 500 Eyes 14-Month Support After Sharp Selloff
  • Crude Oil Chart Setup Hints at Reversal Lower Ahead

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

US DOLLAR TECHNICAL ANALYSISPrices put in a bullish Piercing Line candlestick pattern above support in the 10653-61 area, marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break above initial resistance at 10718 – a horizontal pivot – targets the January high at 10756 and the channel top at 10776. Alternatively, reversing below support exposes the 38.2% Fib at 10602.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_5.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

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 set to test support at 1773.30, marked by the 38.2% Fibonacci retracement and a rising trend line set from November 2012. A break below this barrier initially exposes the 50% Fib at 1749.20. Near-term resistance lines up tin eh 1809.60-20.60 area.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_6.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing above resistance at 1272.99, the 50% Fibonacci retracement level. A break higher on a daily closing basis exposes the 61.8% level at 1282.80. Near-term support is in the 1263.10-67.71 area, marked by a horizontal pivot and the 38.2% Fib.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_7.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSISPrices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Initial support is at 95.56, the 23.6% Fibonacci expansion, with a break below that eyeing the 38.2% level at 94.17. Near-term resistance is at 97.81, the January 23 swing high.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_8.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

Daily Chart - Created Using FXCM Marketscope 2.0

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

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