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US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

2014-03-13 06:49:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Still Mired in a Range Above February Bottom
  • S&P 500 Chart Setup Hints at Rebound from Support Level
  • Crude Oil Prices Sinking to Support Above $97.00 Figure

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

US DOLLAR TECHNICAL ANALYSISPrices continue to consolidate 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. Alternatively, a push below support on a daily closing basis eyes the 38.2% Fib expansion at 10492.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_5.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

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 put in a Hammer candlestick below support at the bottom of a rising channel set from mid-February, hinting a bounce may be ahead. Initial resistance is at 1889.20, the 23.6% Fibonacci expansion, with a break above that targeting the channel top at 1897.60. Alternatively, a break below the channel floor (now at 1864.40) aims for the 23.6% Fib retracement at 1853.00.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_6.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1371.70, the 38.2% Fibonacci expansion. A break above this boundary exposes the 50% level at 1385.46. Near-term support is at 1354.66, marked by the 23.6% Fib and a falling trend line set from April 2013. A reversal below that initially targets rising channel resistance-turned-support at 1339.59.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_7.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

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. Sellers are now approaching support at 97.17, the 38.2% Fibonacci expansion, with a break below that exposing the 50% level at 94.69. Near-term resistance is in the 100.23-73 area, marked by the 23.6% Fib and the December 27 high.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_8.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

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

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