Forex: US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

| 25 mars, 2014 | 0 kommentarer

Talking Points:

  • US Dollar Rejected Downward to Retest Wedge Top as Support
  • SP 500 Still Locked in a Familiar Range above the 1800 Figure
  • Crude Oil Struggling with Upside Follow-Through, Gold Sinking

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

US DOLLAR TECHNICAL ANALYSISPrices pulled back from resistance at 10590, the 23.6% Fibonacci expansion to retest broken falling wedge resistance-turned-support at 10539. Breaking back below this barrier initially targets the March 19 low at 10495. Alternatively, a reversal back above 10590 exposes the 38.2% level at 10649.

Forex-US-Dollar-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_5.png, Forex: US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

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 are in consolidation mode below support-turned-resistance at the bottom of a rising channel set from mid-February (1887.70). Near-term support is 1853.00, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1831.00. Alternatively, a break above resistance exposes the March 7 high at 1888.60.

Forex-US-Dollar-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_6.png, Forex: US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices continue to fall having reversed downward as expected after putting in a Bearish Engulfing candlestick pattern. A break below the 23.6% Fibonacci expansion at 1319.01 has exposed the 38.2% level at 1273.88, with a further move below that eyeing the 50% Fib at 1237.40. Alternatively, a reversal back above 1319.01 aims for trend line support-turned-resistance is now at 1344.85.

Forex-US-Dollar-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_7.png, Forex: US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to build upward momentum after putting in a bullish Morning Star candlestick pattern. A break above resistance at 99.57, the 14.6% Fibonacci expansion, exposes the 23.6% level at 100.83. Near-term support is at 97.53, the March 12 low.

Forex-US-Dollar-Progress-Stymied-by-Resistance-SPX-500-Range-Bound_body_Picture_8.png, Forex: US Dollar Progress Stymied by Resistance, SPX 500 Range-Bound

Daily Chart – Created Using FXCM Marketscope 2.0

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

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *