Talking Points:
- US Dollar Selloff Continues as Prices Set 3-Month Low
- SP 500 on Pace to Most Consistent Rally in 7 Months
- Crude Oil Double Top Setup Still in Play Below 101.00
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices are testing through support at 10581, the 38.2% Fibonacci expansion. A break below this barrier on a daily closing basis exposes the 50% level at 10527. Alternatively, a reversal back above 10581 sees the first layer of significant resistance at 10648, the 23.6% Fib.
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 are on pace to produce the longest string of consecutive daily gains in seven months. A break above rising trend line support-turned resistance at 1831.20 exposes 1847.90, the index’s 2013 closing high. Alternatively, a reversal below support in the 1805.70-20.60 area aims for a horizontal pivot level at 1773.40.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are testing above resistance at 1314.51, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 1338.17. A reversal back below 1314.51 sees the first layer of support at the $1300/oz figure, a level bolstered by the 61.8% Fib.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick below resistance at 100.73, the December 27 high, hinting a reversal lower may be in the works. Breaking below 23.6% Fibonacci retracement support at 98.96 initially exposes the 38.2% level at 97.48.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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