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US Dollar in Digestion Mode, Gold on Pace to Hit Six-Week High

US Dollar in Digestion Mode, Gold on Pace to Hit Six-Week High

2014-10-21 01:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar in Digestion Mode, Oscillating at Familiar Levels
  • S&P 500 Reclaims 1900 as Rebound Extends for Third Day
  • Gold on Pace to Hit Six-Week High After Resistance Break

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

US DOLLAR TECHNICAL ANALYSIS – Prices moved lower as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below falling channel bottom support at 10890 exposesthe 38.2% Fibonacci retracementat 10845. Alternatively, a turn above the channel top at 11044 clears the way for a test of 11143, the October 3 high.

US Dollar in Digestion Mode, Gold on Pace to Hit Six-Week High

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 reclaimed a foothold above the 1900.00 figure, with buyers now aiming to challenge the 1920.50-26.00 area marked by the underside of a broken long-term channel floor and the 38.2% Fibonacci retracement. A daily close above this barrier exposes the 61.8% level at 1944.50. Alternatively, a turn back below the 38.2% Fib at 1896.50 targets the 23.6% retracement at 1866.90.

US Dollar in Digestion Mode, Gold on Pace to Hit Six-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. Buyers now aim to challenge the 50% Fibonacci retracement at 1264.01, with a break above that on a daily closing basis exposing the 61.8% level at 1283.14. Alternatively, a turn back below the 38.2% Fib at 1244.88 targets the 23.6% retracement at 1221.20.

US Dollar in Digestion Mode, Gold on Pace to Hit Six-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a Bullish Engulfing candlestick pattern, hinting a bounce may be ahead. A break above the 14.6% Fibonacci retracement at 87.67 exposes channel floor support-turned-resistance at 88.65. Near-term support is at 82.88, the October 15 low.

US Dollar in Digestion Mode, Gold on Pace to Hit Six-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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