Talking Points:
- US Dollar Topping Warning Remains Despite New 2014 High
- S&P 500 Drop Stalls at Interim Support Below the 2000 Mark
- Crude Oil Prices Testing Pivotal Support, Gold Losses Mount
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices may be topping as prices produce a Shooting Star candlestick after setting a fresh 2014 high.A daily close below the 61.8% Fibonacci expansion at 10800 exposes the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively, a push above the 76.4% Fib at 10844 clears the way for a test of the 100% expansion at 10914.
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 are testing support at 1984.60, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 1967.30. Alternatively, a reversal above the September 3 high at 2012.60 targets the upper boundary of the index’s long-term uptrend at 2037.50.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are testing falling channel support at 1245.13, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 1239.98. Alternatively, a turn above the 23.6% level at 1252.82 targets the 14.6% Fib at 1260.73.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices broke support at 99.91, the 23.6% Fibonacci expansion. Sellers are now testing 97.77, the intersection of the 38.2% level and a falling channel floor, with a further push below that exposing the 50% Fib at 96.04. Alternatively, a reversal back above 99.91 aims for the channel top at 101.71.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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