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US Dollar in Digestion Mode, Crude Oil Sinks to Four-Year Low

US Dollar in Digestion Mode, Crude Oil Sinks to Four-Year Low

2014-10-15 00:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar in Digestion Mode After Corrective Downswing
  • S&P 500 Snaps Three-Day Loss Streak, Pauses to Digest
  • Crude Oil Hits 4-Year Low, Gold Stalling at Monthly High

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

US DOLLAR TECHNICAL ANALYSIS – Prices arein digestion mode after turning lower as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracementat 10942 exposes the 50% level at 10880. Alternatively, a reversal above the 23.6% Fib expansion at 11069 clears the way for a test of the 38.2% threshold at 11146.

US Dollar in Digestion Mode, Crude Oil Sinks to Four-Year 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 ANALYSIS – Prices paused to consolidate losses after three days of aggressive selling. Near-term resistance is at 1891.90, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1905.60. Initial support is at 1869.60, the October 14 low.

US Dollar in Digestion Mode, Crude Oil Sinks to Four-Year Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A break above the 38.2% Fibonacci retracement at 1236.31 on a daily closing basis exposes the 50% level at 1252.80. Alternatively, a turn below the 23.6% level at 1215.91 targets the intersection of falling channel top resistance-turned-support and the 14.6% Fib at 1203.33.

US Dollar in Digestion Mode, Crude Oil Sinks to Four-Year Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices tumbled to a four-year low, with sellers now testing support at 85.36 marked by the 61.8% Fibonacci expansion. A daily close below this barrier initially exposes the 76.4% level at 82.43. Alternatively, a reversal above the 87.73-88.47 area marked by the 50% Fib and the June 2012 bottom aims for the intersection of the 38.2% and channel floor support-turned-resistance at 90.11.

US Dollar in Digestion Mode, Crude Oil Sinks to Four-Year Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

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