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Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Back on the Offensive as Prices Set Five-Year High
  • S&P 500 Probes Support, Threatens Monthly Uptrend Reversal
  • Gold at 3-Week Low, Crude Oil Hits Levels Unseen Since 2009

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

US DOLLAR TECHNICAL ANALYSIS – Buyers are back on the offensive, with prices pushing to a new five-year high. A daily close above the 23.6% Fibonacci expansion at 11391 exposes the 38.2% level at 11457. Alternatively, a reversal below the 14.6% Fib at 11350 clears the way for a test of the November 27 low at 11284.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with 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 ANALYSIS – Prices are probing below support at the bottom of a rising channel set from early November (2061.70), with a breach of this barrier on a daily closing basis exposing the 14.6% Fibonacci retracement at 2038.40. Near-term resistance is at 2075.90, the November 26 high, followed by the channel top at 2087.90.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, completing a Rising Wedge chart pattern. A daily close below the 23.6% Fibonacci expansion at 1156.94 exposes the 1125.55-1130.10 area (November 7 low, 38.2% level). Alternatively, a turn above the 14.6% Fib at 1176.29 targets the November 21 high at 1207.68.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to face heavy selling pressure, dropping to the weakest level in five years. A daily close below the 38.2% Fibonacci expansion at 66.71 exposes the 50% level at 62.12. Alternatively, a reversal above the 23.6% Fib at 72.40 aims for the 14.6% expansion at 75.90.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

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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