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US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

2014-03-25 00:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Rejected Downward to Retest Wedge Top as Support
  • S&P 500 Still Locked in a Familiar Range above the 1800 Figure
  • Crude Oil Struggling with Upside Follow-Through, Gold Sinking

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

US DOLLAR TECHNICAL ANALYSISPrices pulled back from resistance at 10590, the 23.6% Fibonacci expansion to retest broken falling wedge resistance-turned-support at 10539. Breaking back below this barrier initially targets the March 19 low at 10495. Alternatively, a reversal back above 10590 exposes the 38.2% level at 10649.

Forex-US-Dollar-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_5.png, US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

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 (1887.70). 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-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_6.png, US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices continue to fall having reversed downward as expected after putting in a Bearish Engulfing candlestick pattern. A break below the 23.6% Fibonacci expansion at 1319.01 has exposed the 38.2% level at 1273.88, with a further move below that eyeing the 50% Fib at 1237.40. Alternatively, a reversal back above 1319.01 aims for trend line support-turned-resistance is now at 1344.85.

Forex-US-Dollar-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_7.png, US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

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-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_8.png, US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

Daily Chart - Created Using FXCM Marketscope 2.0

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

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