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US Dollar at Risk of Pullback, Crude Oil Chart Setup Hints at Bounce

US Dollar at Risk of Pullback, Crude Oil Chart Setup Hints at Bounce

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar May Drop Before Larger Advance Resumes Anew
  • S&P 500 Continues March Upward, Eyeing July Swing Top
  • Crude Oil Chart Setup Suggests a Rebound May Be Brewing

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower as expected, completing a bearish Evening Star candlestick pattern and hinting at further losses ahead. Negative RSI divergence bolsters the case for a downward scenario. A daily close below the 14.6%Fibonacci retracement at 10547 exposes the 23.6% level at 10528. Alternatively, a move above the 38.2% Fib expansion at 10582 opens the door for a challenge of the 50% threshold at 10606.

US Dollar at Risk of Pullback, Crude Oil Chart Setup Hints at Bounce

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 declined as expected after putting in a bearish Evening Star candlestick pattern. A bounce following a test of the 1900.00 figure sees prices aiming for resistance at 1968.40, the 76.4% Fibonacci retracement, with a close above that targeting the July 24 high at 1991.40. Alternatively, a turn below the 61.8% Fib at 1954.20 aims for the 50% retracement at 1942.80.

US Dollar at Risk of Pullback, Crude Oil Chart Setup Hints at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower anew, with sellers testing the 38.2% Fibonacci expansion at 1297.82. A break below this barrier on a daily closing basis exposes the 50% level at 1290.15. Alternatively, a reversal back above the 23.6% Fib at 1307.31 aims for the channel top at 1316.54.

US Dollar at Risk of Pullback, Crude Oil Chart Setup Hints at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern, hinting a rebound is ahead. Near-term resistance is at 97.05, the 14.6% Fibonacci retracement. A daily close above this barrier exposes the 23.6% level at 98.17. Initial support is at 95.24, the August 14 low.

US Dollar at Risk of Pullback, Crude Oil Chart Setup Hints at Bounce

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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