Talking Points
- US Dollar Slumping Back to Five-Month Trend Support
- SP 500 Returns to Augusts’ Record High Once Again
- Gold Finds Interim Support Above the $1300/oz Mark
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Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices are pushing through support in the 10631-46 area marked by the August 16 low and the 50% Fibonacci expansion to challenge the 61.8% level at 10588. A break below that aims for a rising trend line set from early April, now at 10571. Near-term resistance is at 10673, the 38.2% Fib.
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 testing through resistance at 1701.80, the 50% Fibonacci expansion, to challenge the August swing high at 1709.60. A further push above that aims for the 61.8% Fib at 1719.60. Alternatively, a reversal back below 1701.80 targets the 38.2% level at 1684.10.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices broke below the bottom of a rising channel set from late-June and cleared the 1347.52-60.96 region marked by a horizontal pivot as well as the 23.6% Fibonacci expansion. Sellers are now challenging the 38.2% level at 1316.01, with a break below that aiming for the 50% Fib at 1279.68. The 1347.52 mark is now acting as near-term resistance.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 105.93, the 23.6% Fibonacci retracement, with a break below that targeting the bottom of a rising channel set from early July (now at 104.32). Channel resistance is at 110.65.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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