Talking Points
- US Dollar Selloff Meets Interim Support at September Swing Low
- SP 500 Rebounds from Fibonacci Level to Retest 1700.00 Mark
- Gold Selling Resumes in Earnest as Prices Clear $1300/oz Figure
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US DOLLAR TECHNICAL ANALYSIS – Prices continued lower as expected after clearing support at 10530, the 14.6% Fibonacci expansion. Sellers are now testing the 23.6% level at 10500, with a further push beneath that eyeing the June 13 low at 10469. Alternatively, a reversal back above 10530 targets support-turned-resistance at a rising trend line set from early April, now at 10594.
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.
SP 500 TECHNICAL ANALYSIS – Prices moved lower as expected, completing a bearish Evening Star candlestick pattern. A rebound from support at 1680.30, the 38.2% Fibonacci retracement, sees initial resistance at 1699.00 (23.6% Fib expansion). A break above that targets 1714.40, the 38.2% level. Alternatively, a move through support eyes 1667.70, marked by the 61.8% retracement and a rising trend line set from November 2012.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices recoiled from sharply lower from resistance in the 1341.60-50.07 area, marked by the 23.6% Fibonacci expansion and a falling trend line set from late August. Sellers are now testing the 61.8% level at 1287.33, with a break below that targeting the 76.4% Fib at 1266.59. Near-term resistance is at 1304.10, the 50% expansion.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices slipped below support at 102.05, the 38.2% Fibonacci retracement. Sellers now aim to challenge the 100.00 figure and the 50% Fib at 98.91.The 102.05 mark has been recast as near-term resistance, with a move back above that eyeing the bottom of a recently broken rising channel (now at 105.37).
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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