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Dollar Tries to Build on Gains, SPX 500 Rejected at 2013 High

Dollar Tries to Build on Gains, SPX 500 Rejected at 2013 High

2014-02-27 12:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Tries to Extend Gains After Support Bounce
  • S&P 500 Recoils from 2013 High – Is a Top in Place?
  • Gold Signals Turn Lower, Crude Oil Lingers at Support

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

US DOLLAR TECHNICAL ANALYSISPrices continue to push higher after producing the strongest gain in a month yesterday as the greenback recoils from support at a rising trend line set from September 2012. A break above the 23.6% Fibonacci expansion at 10614 exposes the 38.2% level at 10673. The trend line is now at 10551.

Forex_Dollar_Tries_to_Build_on_Gains_SPX_500_Rejected_at_2013_High_body_Picture_5.png, Dollar Tries to Build on Gains, SPX 500 Rejected at 2013 High

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 pulling back from resistance at 1851.40, the 2013 high. Near-term support is at 1830.70, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis targeting the intersection of a rising a rising trend line set from October and the 38.2% level at 1813.00. Alternatively, a push above resistance aims for the 38.2% Fib expansion at 1861.80.

Forex_Dollar_Tries_to_Build_on_Gains_SPX_500_Rejected_at_2013_High_body_Picture_6.png, Dollar Tries to Build on Gains, SPX 500 Rejected at 2013 High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance at a falling trend line set from April 2013, hinting at a turn lower ahead. Negative RSI divergence bolsters the case for a downside scenario. A break below support at 1306.00, the 23.6% Fibonacci retracement, exposes the 38.2% level at 1281.71. Trend line resistance is now at 1345.46.

Forex_Dollar_Tries_to_Build_on_Gains_SPX_500_Rejected_at_2013_High_body_Picture_7.png, Dollar Tries to Build on Gains, SPX 500 Rejected at 2013 High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support at 101.63, the intersection of the 14.6% Fibonacci retracement and a rising trend line set from mid-January, with negative RSI divergence arguing for weakness ahead. A break below this barrier exposes the 100.53-73 area, marked by the 23.6% level and the December 27 high. Near-term resistance is at 103.41, the February 24 high.

Forex_Dollar_Tries_to_Build_on_Gains_SPX_500_Rejected_at_2013_High_body_Picture_8.png, Dollar Tries to Build on Gains, SPX 500 Rejected at 2013 High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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