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US Dollar, SPX 500 Await Direction Cues at Chart Support

US Dollar, SPX 500 Await Direction Cues at Chart Support

2014-02-06 12:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Perched at Key Channel Bottom
  • S&P 500 Still Stalling at Trend Line Support
  • Crude Oil Rebounds to Target January High

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

US DOLLAR TECHNICAL ANALYSISPrices are testing familiar support at the bottom of a rising channel that has guided the trend higher since late November 2013. Support is reinforced by the 23.6% Fibonacci retracement at 10661. A break below this barrier on a daily closing basis initially exposes the 38.2% level at 10602. Near-term resistance remains at 10718, with a reversal above that aiming for the January 21 high at 10756.

Forex_US_Dollar_SPX_500_Await_Direction_Cues_at_Chart_Support_body_Picture_5.png, US Dollar, SPX 500 Await Direction Cues at 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 continue to test support at a rising trend line set from February 2013 (now at 1742.60). This level is reinforced by the February 3 low at 1738.10 A break above near-term resistance at 1764.80, the 23.6% Fibonacci retracement, exposes the 38.2% level at 1781.40.

Forex_US_Dollar_SPX_500_Await_Direction_Cues_at_Chart_Support_body_Picture_6.png, US Dollar, SPX 500 Await Direction Cues at 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 at weakness ahead. Breaking below support in the 1235.57-44.69 area, marked by the 23.6% Fibonacci expansion and a rising trend line, exposes the 38.2% level at 1208.88. Alternatively, a reversal above 1267.71 targets the January 27 high at 1278.72.

Forex_US_Dollar_SPX_500_Await_Direction_Cues_at_Chart_Support_body_Picture_7.png, US Dollar, SPX 500 Await Direction Cues at Chart Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSISPrices edged lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern but the selloff was quickly cut off at 96.31, the 23.6% Fibonacci expansion. Near-term support-turned-resistance is at 98.59, marked by a rising trend line set from mid-January. Alternatively, a break below support targets the 38.2% level at 94.92.

Forex_US_Dollar_SPX_500_Await_Direction_Cues_at_Chart_Support_body_Picture_8.png, US Dollar, SPX 500 Await Direction Cues at Chart Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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