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  • Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Jun 15, 2021 12:00 GMT when Oil - US Crude traded near 7,250.20. A contrarian view of crowd sentiment points to Oil - US Crude weakness. https://www.dailyfx.com/sentiment https://t.co/mzZUUDjqh7
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US Dollar Snaps Win Streak, SPX 500 Narrowly Retakes 2000 Figure

US Dollar Snaps Win Streak, SPX 500 Narrowly Retakes 2000 Figure

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Snaps Winning Streak, Posts Largest Drop in 3 Months
  • S&P 500 Rallies Most in a Month, Narrowly Retakes 2000 Figure
  • Gold Attempting a Recovery, Crude Oil Bounces at 17-Month Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices snapped a six-day advance with the largest daily decline in three months.A daily close below the 76.4% Fibonacci expansion at 10844 exposes the 61.8% level at 10800. Alternatively, a push above the 10898-914 area marked by the September 16 high and the 100% Fib at clears the way for a test of the 123.6% expansion at 10984.

US Dollar Snaps Win Streak, SPX 500 Narrowly Retakes 2000 Figure

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 recoiled from support at 1984.60, the 23.6% Fibonacci retracement, to challenge the 23.6% Fib expansion at 2001.60. A break above this barrier on a daily closing basis initially exposes the 2012.60-18.90 area, marked by the September 3 high and the 38.2% expansion. Alternatively, a reversal below support targets the 38.2% retracement at 1967.30.

US Dollar Snaps Win Streak, SPX 500 Narrowly Retakes 2000 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are attempting a cautious recovery after finding support above the $1200/oz figure. A break above the 14.6% Fibonacci retracement at 1243.05 on a daily closing basis exposes the 23.6% level at 1253.80. Near-term support is at 1225.60, the September 15 low.

US Dollar Snaps Win Streak, SPX 500 Narrowly Retakes 2000 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are edging higher as expected after putting in a bullish Piercing Line candlestick pattern above support at 96.73, the mid-April 2013 low. Near-term resistance is at 99.47, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 101.18.

US Dollar Snaps Win Streak, SPX 500 Narrowly Retakes 2000 Figure

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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