US Dollar Range Persists, SPX 500 at Risk of Deeper Losses

| 14 mars, 2014 | 0 kommentarer

Talking Points:

  • US Dollar Still Looking for Direction in a Choppy Range
  • SP 500 Breaks Support, Sets Up For Continued Weakness
  • Crude Oil Selloff Pauses Near Support Above $97.00 Mark

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

US DOLLAR TECHNICAL ANALYSISPrices continue to to tread water in a familiar range between the February 17 low at 10520 and the 38.2% Fibonacci retracement at 10599. A push above resistance initially exposes the 50% level at 10629. Alternatively, a drop through support on a daily closing basis targets the 38.2% Fib expansion at 10492.

Forex_US_Dollar_Range_Persists_SPX_500_at_Risk_of_Deeper_Losses_body_Picture_5.png, US Dollar Range Persists, SPX 500 at Risk of Deeper Losses

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 sharply lower, taking out support at the bottom of a rising channel set from mid-February and the 23.6% Fibonacci retracementat 1853.00. Sellers now aim to challenge the 38.2% level at 1831.00, with a push below that aiming for the 50% Fib at 1813.30. Alternatively, a move back above 1853.00 sees channel support-turned-resistance at 1867.60.

Forex_US_Dollar_Range_Persists_SPX_500_at_Risk_of_Deeper_Losses_body_Picture_6.png, US Dollar Range Persists, SPX 500 at Risk of Deeper Losses

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1371.70, the 38.2% Fibonacci expansion. A break above this boundary exposes the 50% level at 1385.46. Near-term support is at 1354.66, marked by the 23.6% Fib and a falling trend line set from April 2013. A reversal below that initially targets rising channel resistance-turned-support at 1341.51.

Forex_US_Dollar_Range_Persists_SPX_500_at_Risk_of_Deeper_Losses_body_Picture_7.png, US Dollar Range Persists, SPX 500 at Risk of Deeper Losses

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. Sellers are now approaching support at 97.17, the 38.2% Fibonacci expansion, with a break below that exposing the 50% level at 94.69. Near-term resistance is in the 100.23-73 area, marked by the 23.6% Fib and the December 27 high.

Forex_US_Dollar_Range_Persists_SPX_500_at_Risk_of_Deeper_Losses_body_Picture_8.png, US Dollar Range Persists, SPX 500 at Risk of Deeper Losses

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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