Talking Points:
- US Dollar Down Spike Fails to Break Familiar Range
- SP 500 Advance Pauses at Technical Resistance Level
- Crude Oil Hits 2-Month High, Reclaims $100.00 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. Resistance is now at 10723, the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 10760. Support is in the 10669-85 area, marked by the December 4 swing high and 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 resistance at 1843.40, the 50% Fibonacci expansion, with a break higher exposing the 61.8% level at 1863.00. Near-term support is at 1823.80, the 38.2% Fib, followed by the November 29 high 1813.10 and horizontal pivot cluster in the 1773.40-82.60 area.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices edged higher as expected after putting in a Harami candlestick pattern. Near-term resistance is at 1217.75, with a break above that exposing the 1251.54-67.71 area. Near-term support is at 1186.83, the December 20 low.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices are testing resistance at 100.51, the 61.8% Fibonacci expansion, with a break higher targeting the 76.4% level at 101.53. Support is at 99.69, the 50% Fib. A break lower exposes the 98.74-86 area, marked by the 38.2% expansion and a horizontal pivot level.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
To receive Ilya’s analysis directly via email, please SIGN UP HERE
Contact and follow Ilya on Twitter: @IlyaSpivak