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Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

2014-02-20 13:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Working on a Fourth Day in Positive Territory
  • S&P 500 Snaps 7-Month Win Streak as 2013 Top Holds
  • Gold Falls as Expected, Crude Oil Stalls Above $103.00

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

US DOLLAR TECHNICAL ANALYSISPrices began to rebound after showing a Hammer candlestick above support at a rising trend line set from September 2012, with prices on pace to produce the strongest upside run in a month. Breaking above the 23.6% Fibonacci retracement at 10576 on a daily closing basis exposes the 38.2% level at 10610. Trend line support is now at 10540, followed by the February 17 low at 10520.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_5.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 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 recoiled from resistance at 1847.90, the index’s 2013 closing high, to snap the longest winning streak in seven months. Near-term support is at 1820.30, the 23.6% Fibonacci expansion. A break below that on a daily closing basis targets a rising trend line at 1809.30 and the 38.2% level at 1803.70.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_6.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices fell as expected after putting in a bearish Dark Cloud Cover candlestick pattern below trend line resistance set from April 2013. Breaking below initial support at 1295.85, the 23.6% Fibonacci retracement, targets the 38.2% level at 1273.49. Trend line resistance is currently at 1326.41.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_7.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance at 103.29, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 104.48. Alternatively, a move below the 23.6% Fib at 101.81 exposes100.73, the December 27 high.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_8.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

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