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US Dollar Attempting to Make Good on a Bullish Chart Setup

US Dollar Attempting to Make Good on a Bullish Chart Setup

2014-03-12 04:47:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Gains After Producing Bullish Reversal Signal
  • S&P 500 Recoils from Resistance to Test Channel Bottom
  • Crude Oil Continues to Sink, Gold Flirting with Breakout

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 as expected after putting in a bullish Morning Star candlestick pattern above support at 10520, the February 17 low. Near-term resistance is at 10599, the 38.2% Fibonacci retracement, with a break above that initially exposing the 50% level at 10629.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_5.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

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 turned lower from resistance at 1883.80, marked by the 38.2% Fibonacci expansion and reinforced by a rising channel top. Sellers are now testing support at 1864.80, the intersection of the 23.6% Fib and the channel bottom. A break below that initially exposes the 23.6% Fib retracement at 1853.00. Alternatively, a move above resistance eyes the 50% expansion at 1899.20.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_6.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing above resistance at a falling trend line set from April 2013, with a break higher on a daily closing basis exposing the 23.6% Fibonacci expansion at 1368.60. Negative RSI divergence continues to warn of ebbing upside momentum and a forthcoming downturn however. Near-term trend line support is at 1331.35.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_7.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – The formation of a Dark Cloud Cover candlestick pattern preceded a turn lower, as expected. A break below support in the 100.23-73 area, marked by the 23.6% Fibonacci expansion and the December 27 high, has exposed the 38.2% level at 97.17. The 100.73 level has been recast as the outer layer of near-term resistance.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_8.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

Daily Chart - Created Using FXCM Marketscope 2.0

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

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