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US Dollar Digesting Gains, SPX 500 Searching for a Catalyst

US Dollar Digesting Gains, SPX 500 Searching for a Catalyst

2014-02-24 09:17:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Digesting Last Week’s Five-Day Win Streak
  • S&P 500 Still Treading Water Below 2013 Peak Highs
  • Gold, Crude Oil Consolidating at Familiar Chart Levels

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

US DOLLAR TECHNICAL ANALYSISPrices edged higher after showing a Hammer candlestick above support at a rising trend line set from September 2012. Prices are correcting slightly lower after securing finish last week with the best performance since late October. A daily close above the 38.2% Fibonacci retracement at 10610 exposes the 50% level at 10638. Alternatively, a reversal back below the 23.6% Fib at 10576 targets the trend line (now at 10543) anew, followed by the February 17 low at 10520.

Forex_US_Dollar_Digesting_Gains_SPX_500_Searching_for_a_Catalyst_body_Picture_5.png, US Dollar Digesting Gains, SPX 500 Searching for a Catalyst

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 consolidating below resistance at 1847.90, the 2013 closing high. Near-term support is at 1821.30, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis targeting a rising trend line at 1810.60 and the 38.2% level at 1805.40. Alternatively, a push above resistance aims for the 38.2% Fib expansion at 1861.80.

Forex_US_Dollar_Digesting_Gains_SPX_500_Searching_for_a_Catalyst_body_Picture_6.png, US Dollar Digesting Gains, SPX 500 Searching for a Catalyst

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices began to pull back as expected after putting in a bearish Dark Cloud Cover candlestick pattern below trend line resistance set from April 2013. Breaking below rising trend line support (now at 1319.10) initially exposes the 23.6% Fibonacci retracement at 1295.85. Trend line resistance is now at 1337.40, followed by the February 17 high at 1339.85.

Forex_US_Dollar_Digesting_Gains_SPX_500_Searching_for_a_Catalyst_body_Picture_7.png, US Dollar Digesting Gains, SPX 500 Searching for a Catalyst

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are consolidating below resistance at 103.29, the 38.2% Fibonacci expansion. A break higher targets the 50% level at 104.48. Alternatively, a move below the 23.6% Fib at 101.81 exposes 100.73, the December 27 high.

Forex_US_Dollar_Digesting_Gains_SPX_500_Searching_for_a_Catalyst_body_Picture_8.png, US Dollar Digesting Gains, SPX 500 Searching for a Catalyst

Daily Chart - Created Using FXCM Marketscope 2.0

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

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