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US Dollar Rebound Hinted, SPX 500 at Pivotal Chart Support

US Dollar Rebound Hinted, SPX 500 at Pivotal Chart Support

2014-01-28 10:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Setup Hints at Upcoming Recovery
  • S&P 500 Testing Pivotal Chart Support Cluster
  • Gold Prices Signal a Reversal Lower is 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 10656-61 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 10779. Alternatively, reversing below support exposes the 38.2% Fib at 10602.

Forex_US_Dollar_Rebound_Hinted_SPX_500_at_Pivotal_Chart_Support_body_Picture_5.png, US Dollar Rebound Hinted, SPX 500 at Pivotal Chart 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 ANALYSISPrices are testing support at 1773.30, marked by the 38.2% Fibonacci retracement and a pair of rising trend lines set from November 2012 and October 2013. A break below that initially exposes the 50% Fib at 1749.20. Near-term resistance lines up tin eh 1809.60-20.60 area.

Forex_US_Dollar_Rebound_Hinted_SPX_500_at_Pivotal_Chart_Support_body_Picture_6.png, US Dollar Rebound Hinted, SPX 500 at Pivotal Chart Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern at 1267.71, a support-turned-resistance level set from early October, hinting a move lower is ahead. Initial support is at 1235.57, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1208.88. A turn above 1267.71 eyes the January 27 high at 1278.72.

Forex_US_Dollar_Rebound_Hinted_SPX_500_at_Pivotal_Chart_Support_body_Picture_7.png, US Dollar Rebound Hinted, SPX 500 at Pivotal Chart Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSISPrices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. The WTI contract is now testing support 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 high.

Forex_US_Dollar_Rebound_Hinted_SPX_500_at_Pivotal_Chart_Support_body_Picture_8.png, US Dollar Rebound Hinted, SPX 500 at Pivotal Chart Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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