US Dollar Support Gives Way, Stocks Still Undecided
MSCI WORLD STOCK INDEX – Prices continue to stall ahead of resistance at $1131.35, the June swing high, with negative RSI divergence hinting a move lower may be ahead. Initial support lines up at $1116.56, the 7/14 wick high.
US DOLLAR INDEX – Prices have taken out support at 82.11, the 76.4% Fibonacci retracement of the 4/12-6/7 upswing. Still, positive RSI divergence continues to hint that a rebound is in the works in the near term, albeit from a lower base. Continued selling is eyeing a move toward April’s swing low at 80.07.
CRUDE OIL – Prices found support at $75.81, the 23.6% Fibonacci retracement of the 5/20-6/28 upswing. Near-term resistance lines up in the $79.38-80.00 region, with a break above that exposing top of a rising channel established since May, now at $81.95.
GOLD – Prices pulled up from support at the bottom of a falling channel established from the swing high in June to re-test the $1170.00 figure. Continued buying opens the door for a re-test of support-turned-resistance at a rising trend line established from the low in February, now at $1192.01.
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