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US Dollar Chart Setup Warns of Pullback Risk, Gold Digesting Losses

US Dollar Chart Setup Warns of Pullback Risk, Gold Digesting Losses

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Positioning Continues to Warn of Downswing Threat
  • S&P 500 Rally Stalls But Chart Seems to Leave Room for Upside
  • Gold Flat-Lining, Crude Oil Trying to Bounce After $80.00 Test

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be gearing up for a turn lower after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 11211, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 11143-55 area (October 3 high, 38.2% level). Alternatively, a reversal above the 50% Fib expansion at 11295 clears the way for a test of the 61.8% Fib threshold at 11329.

US Dollar Chart Setup Warns of Pullback Risk, Gold Digesting Losses

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 appear poised to move to another record high, challenging resistance marked by the 23.6% Fibonacci expansion at 2051.00. A break above this barrier on a daily closing basis exposes the 38.2% level at 2081.20. Alternatively, a reversal below the 14.6% Fib at 2032.30 aims for resistance-turned-support at 2022.10, the September 19 high.

US Dollar Chart Setup Warns of Pullback Risk, Gold Digesting Losses

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are treading water below resistance in the 1178.86-80.84 area marked by the December 2013 low and the 23.6% Fibonacci retracement. Near-term support is at 1131.11, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 1092.78. Alternatively, a push above resistance targets the 38.2% retracement at 1212.23.

US Dollar Chart Setup Warns of Pullback Risk, Gold Digesting Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to mount a recovery after setting yet another four-year low. A daily close back above the 50% Fibonacci expansion at 80.46 exposes the 38.2% level at 82.22. Alternatively, downward resumption through the 61.8% Fib at 78.70 targets the 76.4% expansion at 76.53.

US Dollar Chart Setup Warns of Pullback Risk, Gold Digesting Losses

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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