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US Dollar Begins Cautious Recovery, Gold Finds Interim Support

US Dollar Begins Cautious Recovery, Gold Finds Interim Support

2014-03-23 20:39:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Begins Cautious Recovery with Minor ResistanceBreak
  • S&P 500 Mired in Consolidation Mode Below March Swing High
  • Crude Oil Attempting to Build Higher, Gold Finds Interim Support

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

US DOLLAR TECHNICAL ANALYSISPrices recovered to take out resistance at the top of a minor falling channel, exposing the 23.6% Fibonacci expansion at 10590. A break above this barrier initially targets the 38.2% level at 10649. Channel top support-turned-resistance is now at 10560.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_5.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

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 in consolidation mode below support-turned-resistance at the bottom of a rising channel set from mid-February (1881.60). Near-term support is 1853.00, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1831.00. Alternatively, a break above resistance exposes the March 7 high at 1888.60.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_6.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

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 at 1319.01, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 1273.88. Trend line support-turned-resistance is now at 1342.09. Above that aims for the March 17 high at 1391.97.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_7.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to build upward momentum after putting in a bullish Morning Star candlestick pattern. A break above resistance at 99.57, the 14.6% Fibonacci expansion, exposes the 23.6% level at 100.83. Near-term support is at 97.53, the March 12 low.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_8.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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