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Crude Oil, SPX 500 at Trend Support Before Critical US Event Risk

Crude Oil, SPX 500 at Trend Support Before Critical US Event Risk

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices broke above yet another layer of resistance after reversing upward as expected having put in a Bullish Engulfing candle pattern. Near-term resistance is at 10513, the 38.2% Fibonacci retracement. A daily close above that exposes 50% level at 10560. Alternatively, a turn back below horizontal pivot support at 10481 opens clears the way for a test of 10456, the intersection of the 23.6% Fib and a rising trend line set from the July 1 low.

Crude Oil, SPX 500 at Trend Support Before Critical US Event Risk

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 put in a bearish Evening Star candlestick pattern, hinting a move lower may be ahead. Negative RSI divergence bolsters the case for a downside scenario. A daily close below rising channel floor support at 1970.70 exposes the 23.6% Fibonacci retracement at 1948.40. Near-term resistance is at 1991.40, the July 24 high.

Crude Oil, SPX 500 at Trend Support Before Critical US Event Risk

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are drifting cautiously lower having topped below $1350/oz three weeks ago. Near-term support is in the 1283.07-87.13 area, marked by a falling trend line set from late June and the 38.2% Fibonacci expansion. A break below that on a daily closing basis exposes the 50% level at 1269.22. Alternatively, a reversal above the 23.6% Fib at 1309.20 eyes the 14.6% expansion at 1322.94.

Crude Oil, SPX 500 at Trend Support Before Critical US Event Risk

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices edged below support at 101.87, the 23.6% Fibonacci expansion, exposing the 38.2% level at 100.61. This barrier is reinforced by a rising channel floor at 100.31. A break below that on a daily closing basis eyes the 50% Fib at 99.58. Alternatively, a turn back above 101.87 eyes the July 18 highat 103.91.

Crude Oil, SPX 500 at Trend Support Before Critical US Event Risk

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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