Forex: US Dollar Looking for Direction, SPX 500 Attempts Recovery

| 4 mars, 2014 | 0 kommentarer

Talking Points:

  • US Dollar Still Looking for Direction at Familiar Trend Line
  • SP 500 Finds Interim Support, Attempts to Launch Rebound
  • Crude Oil, Gold Prices May Be Readying to Reverse Lower

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSISPrices continue to tread water above support marked by a rising trend line set from September 2012. A break above resistance at 10614, the 23.6% Fibonacci expansion, initially exposes the 38.2% level at 10673. Trend line support is now at 10557, with a reversal below that eyeing the February 17 low at 10520.

Forex_US_Dollar_Looking_for_Direction_SPX_500_Attempts_Recovery_body_Picture_5.png, Forex: US Dollar Looking for Direction, SPX 500 Attempts Recovery

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 ANALYSISPrices broke back below 1851.40, the 2013 high, exposing the bottom of a rising channel set 1843.80. A further below this barrier eyes an upward-sloping trend line set 1815.50. Alternatively a reversal above 1851.40 aims for the 23.6% Fibonacci expansion at 1863.60.

Forex_US_Dollar_Looking_for_Direction_SPX_500_Attempts_Recovery_body_Picture_6.png, Forex: US Dollar Looking for Direction, SPX 500 Attempts Recovery

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are moving to test resistance at 1358.83, marked by a falling trend line set from April 2013 and the 23.6% Fibonacci expansion. A break above this boundary initially exposes the 38.2% level at 1383.12. Negative RSI divergence warns of a turn lower however. Reversing below the 14.6% Fib at 1343.85 eyes the February 28 low at 1319.55.

Forex_US_Dollar_Looking_for_Direction_SPX_500_Attempts_Recovery_body_Picture_7.png, Forex: US Dollar Looking for Direction, SPX 500 Attempts Recovery

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke above resistance at 103.89, the 23.6% Fibonacci expansion, exposing the 38.2% level at 105.67. A further push beyond that targets the 50% Fib at 107.11. Negative RSI divergence hints at ebbing upside momentum and wars a turn lower may be ahead. Reversing back below 103.83 sees rising trend line support at 102.45.

Forex_US_Dollar_Looking_for_Direction_SPX_500_Attempts_Recovery_body_Picture_8.png, Forex: US Dollar Looking for Direction, SPX 500 Attempts Recovery

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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Kategori: Analys från DailyFX

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