Talking Points:
- US Dollar Attempting to Extend Rally for a Fifth Session
- SP 500 Searching for Direction Cues Below 2013 Highs
- Gold, Crude Oil Treading Water at Familiar Chart Levels
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices continue to edge upward after showing a Hammer candlestick above support at a rising trend line set from September 2012. Prices are working on securing fifth day in positive territory, the best performance since late October. A daily close above the 23.6% Fibonacci retracement at 10576 exposes the 38.2% level at 10610. Trend line support is now at 10542, followed by the February 17 low at 10520.
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 consolidating below resistance at 1847.90, the 2013 closing high. Near-term support is at 1821.30, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis targeting a rising trend line at 1809.50 and the 38.2% level at 1805.40. Alternatively, a push above resistance aims for the 38.2% Fib expansion at 1861.80.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices began to pull back as expected after putting in a bearish Dark Cloud Cover candlestick pattern below trend line resistance set from April 2013. Breaking below rising trend line support at initially exposes the 23.6% Fibonacci retracement at 1295.85. Trend line resistance is now at 1326.19, followed by the February 18 high at 1331.99.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance at 103.29, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 104.48. Alternatively, a move below the 23.6% Fib at 101.81 exposes 100.73, the December 27 high.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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