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US Dollar, SPX 500 Sink in Tandem as Gold Continues to Look Vulnerable

US Dollar, SPX 500 Sink in Tandem as Gold Continues to Look Vulnerable

2014-05-07 04:38:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Hits 6-Month Low After Another Dramatic Decline
  • S&P 500 Slumps Back to Recent Range Bottom Above 1850
  • Gold Continues to Look Vulnerable on Triangle Chart Setup

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

US DOLLAR TECHNICAL ANALYSISPrices issued their largest drop in a month, bringing greenback to the weakest level since October 2013. Sellers now aim to challenge the 38.2% Fibonacci expansion at 10359. A break below this barrier exposes the bottom of a falling channel guiding the down trend since the beginning of the year, now at 10339. Alternatively, a move back above the 23.6% level at 10411 aims for the 14.6% Fib at 10443.

US Dollar, SPX 500 Sink in Tandem as Gold Continues to Look Vulnerable

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 as expected after putting in a Piercing Line candlestick pattern. Prices have pulled back to support at 1868.70, the 23.6% Fibonacci expansion, with break below that aiming for the April 28 low at 1850.10. Alternatively, a reversal above the 38.2% level at 1880.30 targets the 50% Fib at 1889.60.

US Dollar, SPX 500 Sink in Tandem as Gold Continues to Look Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are approaching resistance at 1318.69, marked by the top of a descending Triangle chart formation and the 23.6% Fibonacci expansion. A break above this barrier targets the 38.2% level at 1349.81. The descending Triangle argues in favor of bearish continuation however (though confirmation is absent for now). Near-term support is at 1277.00, the Triangle bottom.

US Dollar, SPX 500 Sink in Tandem as Gold Continues to Look Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are turned sharply lower below the 105.00 figure, sinking to challenge support at 98.96 marked by the 76.4% Fibonacci expansion. A break below this boundary initially exposes the 100% level at 97.11. Near-term resistance is at 100.11, the 61.8% Fib, followed by the 50% expansion at 101.04.

US Dollar, SPX 500 Sink in Tandem as Gold Continues to Look Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

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

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