Talking Points:
- US Dollar Continues to Search for Directional Spark
- SP 500 Snaps 3-Day Losing Streak at Fib Barrier
- Crude Oil Finds Interim Support Above $93.00 Mark
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance at 10719, the 23.6% Fibonacci expansion, targets the December 19 high at 10727 and a rising channel top at 10746. Near-term support is in the 10636-46 area, marked by the a horizontal pivot and the channel bottom.
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 bounced from support at 1823.80, the 38.2% Fibonacci expansion. A break above 1843.40 – the 50% level – exposes the December 31 high at 1849.10 and the 61.8% Fib at 1863.00. Alternatively a reversal below 1823.80 broadly aims for the 1800 figure.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Harami candlestick pattern. A break above resistance in the 1217.75-22.01 area, marked by the December 2 low and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1248.70. A further push beyond that aims for the 1261.28-70.28 region, bracketed by the October 11 swing low and the 50% Fib.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. A break below support at 92.91, the 38.2% Fib expansion, exposes the 50% level at 90.50. Near-term resistance is at 95.90, the 23.6% level.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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