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Dollar Retreats to Chart Support as SPX 500 Hits 4-Month Low

Dollar Retreats to Chart Support as SPX 500 Hits 4-Month Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSISPrices rose as expected after putting in a bullish Piercing Line candlestick pattern. Prices have since failed to overcome horizontal pivot resistance at 10718, recoiling to retest support in the 10661-9 area marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break lower initially exposes the 38.2% Fib at 10602. Alternatively, a reversal above 10718 aims for the January high at 10756.

Forex_Dollar_Retreats_to_Chart_Support_as_SPX_500_Hits_4-Month_Low_body_Picture_5.png, Dollar Retreats to Chart Support as SPX 500 Hits 4-Month Low

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 overturned a bullish Piercing Line candlestick pattern noted earlier, sinking through multiple levels of support to meet a rising trend line set from February 2013 (now at 1740.70). A push below this barrier initially exposes the 61.8% Fibonacci retracement at 1725.00. Alternatively, a reversal back above the 50% level at 1749.20 on a daily closing basis sees the next upside barrier at 1773.30, the 38.2% Fib.

Forex_Dollar_Retreats_to_Chart_Support_as_SPX_500_Hits_4-Month_Low_body_Picture_6.png, Dollar Retreats to Chart Support as SPX 500 Hits 4-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern at 1267.71, a support-turned-resistance level set from early October. 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_Dollar_Retreats_to_Chart_Support_as_SPX_500_Hits_4-Month_Low_body_Picture_7.png, Dollar Retreats to Chart Support as SPX 500 Hits 4-Month Low

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. Breaking below the 23.6% Fibonacci expansion at 96.31 exposes the 38.2% level at 94.92. Alternatively, a move back above trend line support-turned-resistance at 97.75 eyes the January 30 high at 98.56.

Forex_Dollar_Retreats_to_Chart_Support_as_SPX_500_Hits_4-Month_Low_body_Picture_8.png, Dollar Retreats to Chart Support as SPX 500 Hits 4-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

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