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US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

2014-04-10 06:48:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Selloff Continues as Prices Hit 5-Month Low
  • S&P 500 Rebounds from Chart Support Above 1800.00
  • Crude Oil Overcomes $103.00, Gold Recovery Continues

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

US DOLLAR TECHNICAL ANALYSISPrices continue to sink, with sellers now poised to challenge the 76.4% Fibonacci expansion at 10401. A break below that exposes the 100% level at 10339. Alternatively, a bounce above the 61.8% Fib at 10439 aims for the 50% expansion at 10470.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_5.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

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 ANALYSIS – Prices rebounded from support at the bottom of a rising channel support set from mid-February, eyeing initial resistance at the formation’s upper boundary (1895.50). Channel floor support is at 1846.30, with a reversal below that targeting the 38.2% Fibonacci retracement at 1837.50.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_6.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Bullish Engulfing candlestick pattern. Buyers are now aiming to test resistance at 1327.29, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1358.41. Near-term support is at 1308.11, the 14.6% Fib. A reversal back below that targets the April 1 low at 1277.00.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_7.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected out of a Triangle chart formation. Buyers are now aiming to challenge resistance at 104.33 marked by the 50% Fibonacci expansion. A further push above that aims for the 61.8% level at 105.98. Near-term support is at 102.68, the 38.2% Fib, followed by the intersection of the 23.6% expansion and the Triangle top at 100.64.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_8.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Daily Chart - Created Using FXCM Marketscope 2.0

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

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