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US Dollar on the Verge of Trend Reversal, SPX 500 Stuck in Range

US Dollar on the Verge of Trend Reversal, SPX 500 Stuck in Range

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSISPrices looks to be attempting to set a double bottom at 10375, the October 22 close. Confirmation of the upward reversal pattern requires a breach of resistance is at 10455, marked by the top of a falling channel that has guided the benchmark currency downward since the beginning of the year. A daily close above this barrier initially targets horizontal support-turned-resistance at 10495.

US Dollar on the Verge of Trend Reversal, SPX 500 Stuck in Range

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 recovered to challenge resistance in the 1883.80-88.60 area, marked by the 23.6% Fibonacci expansion and the March 7 high. A break above that clears the way for a move into the 1897.40-99.10 region, bracketed by the 38.2% level and the April 4 top. Recent swing lows identify support in the 1850.10-61.90 zone.

US Dollar on the Verge of Trend Reversal, SPX 500 Stuck in Range

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 1306.72-15.60 area, marked by the top of a descending Triangle chart formation and the 38.2% Fibonacci retracement. A break above that on daily closing basis targets the 50% level at 1330.18. 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 on the Verge of Trend Reversal, SPX 500 Stuck in Range

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are retesting rising trend line support-turned-resistance set from mid-March. Initial support is at 101.14, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 100.23. Alternatively, a move back above the trend line – now at 102.44 – aims for the May 14 high at 102.61.

US Dollar on the Verge of Trend Reversal, SPX 500 Stuck in Range

Daily Chart - Created Using FXCM Marketscope 2.0

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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