THE TAKEAWAY: The US Dollar has stalled at technical resistance after completing a would-be breakout higher. The SP 500 continues to consolidate below the 1700 figure.
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US DOLLAR TECHNICAL ANALYSIS – Prices broke above resistance the top of a Flag chart pattern, hinting at bullish continuation ahead. Initial resistance is at 10820, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 10899. Flag top resistance-turned-support is now at 10736, followed by the July 29 swing low at 10693.
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 drifting sideways below the 1700 figure along resistance-turned-support at 1687.40, the May 22 swing high.A reversal back below this barrier exposes the 76.4% Fibonacci expansion at 1675.10. Alternatively, a push above 1700 aims for the 100% level at 1710.90.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June, hinting a move lower is ahead. Channel bottom support is now at 1323.05, with a break beneath that initially targeting the 23.6% Fibonacci expansion at 1273.98. Near-term resistance is at 1347.57, the July 24 high, followed by the channel top at 1390.41.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices put in a Bullish Engulfing candlestick pattern, hinting at gains ahead. Near-term resistance is at 106.49, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 108.85. Near-term support is at 102.66, the July 30 low.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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