We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Japan's Chief Cabinet Secretary Suga: Paying close attention to the economy after the sales tax hike -BBG
  • $USDCNH https://t.co/huK7xAti8U
  • RT @zerohedge: Yuan Tumbles After Navarro Warns "No Indication That Tariffs Will Be Delayed" https://t.co/mQlQTiQjgM
  • 🚨PRE-FOMC POLL ALERT⚠️ What do you think the market reaction will be the Fed rate decision and outlook?
  • LIVE NOW: Join Analyst @ddubrovskyFX as he discusses traders’ positioning as a key element of market analysis to determine the prevailing and future price trends. Register here: https://www.dailyfx.com/webinars/998956395?CHID=9&QPID=917720
  • RT @ChrisWeston_PS: *NAVARRO: UP TO CHINESE AS TO WHETHER WE GET A DEAL *NAVARRO: HAS NO INDICATION THAT DEC. TARIFFS WON'T BE PUT ON *NAVA…
  • Will be starting shortly. Going to cover the two sides of sentiment (market mood and conviction) for FX such as #USD, #AUD and #NZD around the #Fed, UK election and trade wars. Signup below! https://t.co/UwauulGIzM
  • White House Trade Adviser Peter Navarro: Has no indication that December tariffs won't be put on. China trying to shape narrative and affect the futures market -BBG
  • RT @kgreifeld: The pound's at a ~9-month high but this chart is more fun -- 1-week GBPUSD risk-reversals are at the lowest since 2016 #Brex…
  • LIVE IN 30 MIN: Join Analyst @ddubrovskyFX as he discusses traders’ positioning as a key element of market analysis to determine the prevailing and future price trends. Register here: https://www.dailyfx.com/webinars/998956395?CHID=9&QPID=917720
US Dollar Pushing to 2014 High, SPX 500 Waiting for Direction Clues

US Dollar Pushing to 2014 High, SPX 500 Waiting for Direction Clues

2014-09-08 07:20:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • US Dollar Attempting to Break Upward to a New 2014 High
  • S&P 500 Remains Stuck in Familiar Narrow Trading Range
  • Gold Holds Up at Channel Support, Crude Oil May Bounce

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

US DOLLAR TECHNICAL ANALYSIS – Prices are trying to push higher anew after spiking to set a year-to-date high last week.Near-term resistance is in the 10749-56 area, marked by the January 2014 high and the 123.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 138.2% level at 10777. Alternatively, a reversal below the 100% Fib at 10703 opens the door for a challenge of the 76.4% expansion at 10657.

US Dollar Pushing to 2014 High, SPX 500 Waiting for Direction Clues

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 are testing the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support in the 1985.30-91.40 area, marked by the July 24 high and the 50% level, with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively, a turn above 2006.80 targets the top of the index’s long-term uptrend and the 76.4% expansion at 2033.40.

US Dollar Pushing to 2014 High, SPX 500 Waiting for Direction Clues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1269.99, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the intersection of the 23.6% level and a rising trend line set from December 2013 in the 1277.90-79.35. Falling channel support is now at 1259.45.

US Dollar Pushing to 2014 High, SPX 500 Waiting for Direction Clues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern, hinting a rebound may be ahead. A break above the 14.6% Fibonacci retracement at 102.42 exposes the 23.6% level at 103.82. Alternatively, a move below the 99.91-100.15 area marked by the September 2 low and the 23.6% Fib expansion targets the 38.2% threshold at 97.77.

US Dollar Pushing to 2014 High, SPX 500 Waiting for Direction Clues

Daily Chart - Created Using FXCM Marketscope 2.0

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES

News & Analysis at your fingertips.