US Dollar Attempting to Make Good on a Bullish Chart Setup

| 12 mars, 2014 | 0 kommentarer

Talking Points:

  • US Dollar Gains After Producing Bullish Reversal Signal
  • SP 500 Recoils from Resistance to Test Channel Bottom
  • Crude Oil Continues to Sink, Gold Flirting with Breakout

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

US DOLLAR TECHNICAL ANALYSISPrices are edging higher as expected after putting in a bullish Morning Star candlestick pattern above support at 10520, the February 17 low. Near-term resistance is at 10599, the 38.2% Fibonacci retracement, with a break above that initially exposing the 50% level at 10629.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_5.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

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 turned lower from resistance at 1883.80, marked by the 38.2% Fibonacci expansion and reinforced by a rising channel top. Sellers are now testing support at 1864.80, the intersection of the 23.6% Fib and the channel bottom. A break below that initially exposes the 23.6% Fib retracement at 1853.00. Alternatively, a move above resistance eyes the 50% expansion at 1899.20.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_6.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing above resistance at a falling trend line set from April 2013, with a break higher on a daily closing basis exposing the 23.6% Fibonacci expansion at 1368.60. Negative RSI divergence continues to warn of ebbing upside momentum and a forthcoming downturn however. Near-term trend line support is at 1331.35.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_7.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – The formation of a Dark Cloud Cover candlestick pattern preceded a turn lower, as expected. A break below support in the 100.23-73 area, marked by the 23.6% Fibonacci expansion and the December 27 high, has exposed the 38.2% level at 97.17. The 100.73 level has been recast as the outer layer of near-term resistance.

Forex_US_Dollar_Attempting_to_Make_Good_on_a_Bullish_Chart_Setup_body_Picture_8.png, US Dollar Attempting to Make Good on a Bullish Chart Setup

Daily Chart – Created Using FXCM Marketscope 2.0

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

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