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Dollar Tries to Form a Bottom as SPX 500 Hovers Near 2013 Top

Dollar Tries to Form a Bottom as SPX 500 Hovers Near 2013 Top

2014-02-18 13:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Trying to Rise After First Positive Close in Feb
  • S&P 500 Still Treading Water Below 2013 Yearly High
  • Crude Oil Tops Dec’13 High, Gold Recoils at Trend Line

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

US DOLLAR TECHNICAL ANALYSISPrices are edging higher after putting a Hammer candlestick. Initial resistance is at 10576, the 23.6% Fibonacci retracement, with a break above that exposing the 38.2% level at 10610. Near-term support is at 10520, the February 17 swing low.

Forex_Dollar_Tries_to_Form_a_Bottom_as_SPX_500_Hovers_Near_2013_Top_body_Picture_5.png, Dollar Tries to Form a Bottom as SPX 500 Hovers Near 2013 Top

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 in the midst of the longest string of consecutive daily gains in seven months. Buyers are testing resistance in the 1840.20-47.90 area, marked by the 50% Fibonacci expansion and the index’s 2013 closing high. Breaking above this boundary initially targets the 61.8% level at 1864.30. Alternatively, a reversal below support in the 1805.70-20.60 area aims for a horizontal pivot level at 1773.40.

Forex_Dollar_Tries_to_Form_a_Bottom_as_SPX_500_Hovers_Near_2013_Top_body_Picture_6.png, Dollar Tries to Form a Bottom as SPX 500 Hovers Near 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are recoiling from trend line resistance set from April 2013. A break below initial support at 1295.85, the 23.6% Fibonacci retracement, exposes the 38.2% level at 1273.49. Trend line resistance is currently at 1328.07.

Forex_Dollar_Tries_to_Form_a_Bottom_as_SPX_500_Hovers_Near_2013_Top_body_Picture_7.png, Dollar Tries to Form a Bottom as SPX 500 Hovers Near 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices narrowly edged above resistance at 100.73, the December 27 high, exposing the February 12 top at 101.36 and the 76.4% Fibonacci expansion at 101.86. A break above the latter level exposes the 100% level at 103.59. Alternatively, move back below 100.73 sees initial support at 99.88, the 14.6% Fib retracement.

Forex_Dollar_Tries_to_Form_a_Bottom_as_SPX_500_Hovers_Near_2013_Top_body_Picture_8.png, Dollar Tries to Form a Bottom as SPX 500 Hovers Near 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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