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US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low

US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low

2014-09-30 08:26:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick, hinting a pullback may in the cards. Near-term support is at 10990, marked by the intersection of the 14.6% Fibonacci expansion and a rising trend line. A break below that on a daily closing basis exposes the September 22 high at 10956. Alternatively, a push above the 23.6% level at 11043 opens the door for a challenge of the 38.2% Fib at 11130.

US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low

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 falling channel resistance at 1982.50, with a break above that on a daily closing basis exposes the 23.6% Fibonacci expansion at 1994.60. Near-term support is at 1963.40, the September 29 swing low, followed by the channel floor at 1947.40.

US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low

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 1226.73 on a daily closing basis exposes the 23.6% level at 1239.20. Near-term support is at 1206.49, the September 25 low.

US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support at 96.73, the April 2013 low, with a break below that on a daily closing basis exposing the 23.6% Fibonacci expansion at 95.11. Near-term resistance is at 99.59, the September 17 high.

US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

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