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Dollar Inching Below Key Support, SPX 500 at Familiar Resistance

Dollar Inching Below Key Support, SPX 500 at Familiar Resistance

2014-02-12 13:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Continues to Test 2-Month Support
  • S&P 500 Still Inside Familiar Resistance Cluster
  • Crude Oil Probing Above December Swing Top

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 10617-20 area, marked by the 100% Fibonacci expansion and a horizontal support shelf dating back to mid-December 2013. A further push below this boundary exposes the 123.6% level at 10592. Alternatively, a reversal back above the 76.4% Fib at 10642 aims for the 61.8% expansion at 10658.

Forex_Dollar_Inching_Below_Key_Support_SPX_500_at_Familiar_Resistance_body_Picture_5.png, Dollar Inching Below Key Support, SPX 500 at Familiar Resistance

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 1809.60-20.60 area, a region marked a horizontal pivot cluster and a pair of rising trend lines. A break higher on a daily closing basis aims for 1847.90, the index’s 2013 closing high. Alternatively, a move reversal downward sees the first major level of medium-term support at 1773.40.

Forex_Dollar_Inching_Below_Key_Support_SPX_500_at_Familiar_Resistance_body_Picture_6.png, Dollar Inching Below Key Support, SPX 500 at Familiar Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices broke above resistance at 1288.05, the 50% Fibonacci expansion. Buyers now aim to challenge the 61.8% level at 1299.88. A further push beyond that exposes the 76.4% Fib at 1314.51. Alternatively, a reversal back below 1288.05 eyes the 38.2% Fib at 1276.22.

Forex_Dollar_Inching_Below_Key_Support_SPX_500_at_Familiar_Resistance_body_Picture_7.png, Dollar Inching Below Key Support, SPX 500 at Familiar Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are probing above resistance in the 100.73-78 area marked by the December 27 high and the 61.8% Fibonacci expansion. A break above this level on a daily closing basis exposes the 76.4% level at 101.86. Near-term support is at 99.92, the 50% Fib, with a turn below that targeting the 38.2% retracement at 99.05.

Forex_Dollar_Inching_Below_Key_Support_SPX_500_at_Familiar_Resistance_body_Picture_8.png, Dollar Inching Below Key Support, SPX 500 at Familiar Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

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

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