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US Dollar Holds Up at Range Support, Gold Bounces to 2-Week High

US Dollar Holds Up at Range Support, Gold Bounces to 2-Week High

2014-06-11 04:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Mounts Rebound from Familiar Range Bottom
  • S&P 500 Setup Hints at Indecision, Warns of Reversal Risk
  • Crude Oil Struggling Below $105, Gold Hits 2-Week High

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to renew its advance following a period of consolidation having secured a key upside breakout three weeks ago. The first key layer of resistance remains at 10531, the May 28 high. A break above that on a daily closing basis targets the 10589-619 region. Alternatively, a turn below support in the 10474-95 area clears the way for a test of a recently broken falling channel top, now at 10400.

US Dollar Holds Up at Range Support, Gold Bounces to 2-Week High

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 broke resistance at 1933.00, the 76.4%Fibonacci expansion, exposing the 100% level at 1954.90. Moving higher beyond that targets the 123.6% Fib at 1976.80. A Hanging Man candlestick points to indecision and warns a pullback may be ahead however.Reversing back below 1933.00 clears the way for a descent to 1919.40, marked by the 61.8% expansion.

US Dollar Holds Up at Range Support, Gold Bounces to 2-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Prices corrected higher from support at 1243.24, the 76.4% Fibonacci expansion, to retest the 61.8% level at 1260.03. A daily close above this barrier exposes the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom. Alternatively, a renewed push downward through support exposes the 100% Fib at 1216.11.

US Dollar Holds Up at Range Support, Gold Bounces to 2-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance in the 104.44-73 area, marked by the 50% Fibonacci expansion and the March 3 close. A break above this barrier initially exposes the 61.8% level at 105.12. Alternatively, a reversal below falling trend line resistance-turned-support (now at 104.20) aims for the 38.2% Fib at 103.76.

US Dollar Holds Up at Range Support, Gold Bounces to 2-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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