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US Dollar Chart Setup Hints at Bounce, SPX 500 Hits Two-Month Low

US Dollar Chart Setup Hints at Bounce, SPX 500 Hits Two-Month Low

2014-04-13 23:54:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Candlestick Pattern Hints at Recovery Ahead
  • S&P 500 Sinks to Two-Month Low, Sellers Target 1800
  • Gold, Crude Oil Rise to Challenge Technical Resistance

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

US DOLLAR TECHNICAL ANALYSISPrices put in a bullish Piercing Line candlestick pattern above support at 10401, the 76.4% Fibonacci expansion, hinting a bounce may be ahead. Breaking above the 61.8% expansion at 10439 exposes the 10475-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. Alternatively, a reversal downward below support aims for the 100% expansion at 10339.

US-Dollar-Chart-Setup-Hints-at-Bounce-SPX-500-Hits-Two-Month-Low_body_Picture_5.png, US Dollar Chart Setup Hints at Bounce, SPX 500 Hits Two-Month Low

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 continued downward as expected, breaking support at 1818.50 marked by the 50% Fibonacci expansion to expose the 61.8% level at 1799.50. This barrier is reinforced by a major rising trend line barrier set from February 2013 at 1790.70, with a daily close below that hinting a major reversal is at hand. Alternatively, a back above 1818.50 targets the 38.2% Fib at 1837.50.

US-Dollar-Chart-Setup-Hints-at-Bounce-SPX-500-Hits-Two-Month-Low_body_Picture_6.png, US Dollar Chart Setup Hints at Bounce, SPX 500 Hits Two-Month Low

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 testing 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-Chart-Setup-Hints-at-Bounce-SPX-500-Hits-Two-Month-Low_body_Picture_7.png, US Dollar Chart Setup Hints at Bounce, SPX 500 Hits Two-Month Low

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 testing resistance at 104.33 marked by the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 105.98. Near-term support is at 102.68, the 38.2% Fib, followed by the 23.6% expansion at 100.64.

US-Dollar-Chart-Setup-Hints-at-Bounce-SPX-500-Hits-Two-Month-Low_body_Picture_8.png, US Dollar Chart Setup Hints at Bounce, SPX 500 Hits Two-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

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