Talking Points:
- US Dollar Waiting for Direction Cues at Range Support
- S&P 500 Continues to Tread Water at New Record High
- Crude Oil Holds Support, Gold Digesting at 1200 Mark
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices look to have reversed downward as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above the 11854-76 zone (14.6% Fib expansion, March 2009 high) clears the way for a test of the 23.6% expansion at 11963.
Daily Chart - Created Using FXCM Marketscope
** 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 continue upward after setting another record high. A break above the 76.4% Fibonacci expansion at 2112.20 exposes the 100% level at 2134.10. Alternatively, a reversal below the 61.8% Fib at 2098.60 targets the 50% expansion at 2087.60.
Daily Chart - Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices challenging pivotal support at 1197.86, marked by the intersection of a channel floor, a rising trend line and the 61.8% Fibonacci retracement. A break below this barrier exposes the 76.4% level at 1171.96. Alternatively, a reversal above the 50% level at 1218.80 targets channel top resistance at 1227.65.
Daily Chart - Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices corrected lower after reversing upward as expected. A break back below the 38.2% Fibonacci retracement at 59.08 exposing the 23.6% level at 53.77. Alternatively, a break above the 50% Fib at 63.38 targets the 61.8% retracement at 67.68.
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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