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US Dollar Sinks to Monthly Low as SPX 500 Extends Recovery

US Dollar Sinks to Monthly Low as SPX 500 Extends Recovery

2014-03-19 07:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Pushed Downward to Yield a New Monthly Low
  • S&P 500 Extends Rebound to Retest Broken Uptrend Barrier
  • Gold Drops as Expected, Crude Oil Attempting a Recovery

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

US DOLLAR TECHNICAL ANALYSISPrices are edging toward support at 10492, the 38.2% Fibonacci expansion. A push below this boundary on a daily closing basis exposes the 50% expansion at 10462. Alternatively, a reversal above 10529 – the 23.6% Fib – opens the door for a test of falling trend line resistance set from late February, now at 10570.

Forex-US-Dollar-Sinks-to-Monthly-Low-as-SPX-500-Extends-Recovery_body_Picture_5.png, US Dollar Sinks to Monthly Low as SPX 500 Extends Recovery

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 rebounded from support at 1831.00, the 38.2% Fibonacci retracement. Clearing the 23.6% Fib expansion at 1866.00 has exposed rising channel support-turned-resistance at 1875.50. A further push higher above that aims for the 38.2% expansion at 1888.00. A turn back below 1866.00 eyes 1831.00 anew.

Forex-US-Dollar-Sinks-to-Monthly-Low-as-SPX-500-Extends-Recovery_body_Picture_6.png, US Dollar Sinks to Monthly Low as SPX 500 Extends Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. Initial support is in the 1347.25-50.48 area, marked by a falling trend line set from April 2013 and the top of a rising channel established from mid-December. A break downward exposes the 38.2% Fibonacci retracement at 1310.56. Near-term resistance is at 1391.96, the March 17 high.

Forex-US-Dollar-Sinks-to-Monthly-Low-as-SPX-500-Extends-Recovery_body_Picture_7.png, US Dollar Sinks to Monthly Low as SPX 500 Extends Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – The appearance of a Morning Star candlestick pattern suggests a rebound is be ahead. Initial resistance is in the 100.73-83 area, marked by the December 27 high and the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 102.87. Near-term support is at 97.53, the March 12 low.

Forex-US-Dollar-Sinks-to-Monthly-Low-as-SPX-500-Extends-Recovery_body_Picture_8.png, US Dollar Sinks to Monthly Low as SPX 500 Extends Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

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

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