Talking Points
- US Dollar Looking for Direction at Former Rising Trend Boundary
- SP 500 May Have Set a Meaningful Top Above the 1700 Figure
- Gold Holding Above the $1300/oz Mark, Outlook Favors Downside
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US DOLLAR TECHNICAL ANALYSIS – Prices are retesting support-turned-resistance at a rising trend line set from early April (now at 10586), with a break higher targeting the August 16 low at 10646. Near-term support is at 10469, the June 13 low. A push beneath that eyes the March 25 bottom at 10413.
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 pulling back after putting in a bearish Evening Star candlestick pattern. A break of support at 1708.70, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 1693.00. A push beneath that eyes the 50% Fib at 1680.30. Reversing back above 1708.70 targets the September 19 high at 1734.10.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices recoiled from support-turned-resistance at the underside of a rising channel set from the late-June swing bottom. A break through the 1341.60-47.52 area, marked by a horizontal pivot and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1320.86. Pushing further beneath that eyes the 50% Fib at 1304.10. Alternatively, a move back above 1347.52 targets the channel top (now at 1390.05) anew.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices broke through support at the bottom of a rising channel set from early July and an upward-sloping trend line established from mid-April. Sellers now target the 38.2% Fibonacci retracement at 102.05, with a break below that eyeing the 50% mark at 98.91. A Hammer candlestick hints a bounce may be ahead however. Channel support-turned-resistance is now at 105.11.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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