News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Crude Oil Hits 26-Month Low, US Dollar at Risk of a Reversal

Crude Oil Hits 26-Month Low, US Dollar at Risk of a Reversal

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Chart Setup Warns of Losses as Upside Momentum Ebbs
  • S&P 500 Recoils Higher from Support But Topping Pattern Intact
  • Crude Oil Sinks to 26-Month Low, Gold May Be Readying a Bounce

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be on the verge of a correction lower as negative RSI divergence points to ebbing bullish momentum. Near-term support is at 10931, marked by a rising trend line set from set from late August, with a break below that on a daily closing basis exposing the 14.6% Fibonacci retracement at 10875. Alternatively, a turn above the 14.6% Fib expansion at 10990 opens the door for a challenge of the 23.6% threshold at 11043.

Crude Oil Hits 26-Month Low, US Dollar at Risk of a Reversal

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 rebounded from support at 1973.20, the 38.2% Fibonacci retracement. A reversal back above the 23.6% Fib at 1991.90 targets the 14.6% expansion at 2003.40. Alternatively, a break below support on a daily closing basis exposes the 50% level at 1958.10.

Crude Oil Hits 26-Month Low, US Dollar at Risk of a Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher may be ahead. A break above the 14.6% Fibonacci retracement at 1227.91 on a daily closing basis exposes the 23.6% level at 1240.26. Near-term support is at 1207.88, the September 22 low.

Crude Oil Hits 26-Month Low, US Dollar at Risk of a Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices edged below support at 96.73, the April 2013 low, exposing the 23.6% Fibonacci expansion at 95.11. A further push below that targets the 38.2% level at 92.34. Alternatively, a reversal back above 96.73 aims for the September 17 high at 99.59

Crude Oil Hits 26-Month Low, US Dollar at Risk of a Reversal

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