Talking Points
- US Dollar Prices Remain Locked in a Familiar Trading Range
- SP 500 Drops Below 1700.00 Figure as Reversal Continues
- Gold Testing the Boundary of Down Trend from August Top
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US DOLLAR TECHNICAL ANALYSIS – Prices are trading water below rising trend line support-turned-resistance set from early April (now at 10590). Near-term support is at 10469, the June 13 low, with a push beneath that exposing the March 25 bottom at 10413. Alternatively, a reversal above the trend line targets the August 16 low at 10646.
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 moving lower as expected, with sellers now testing 50% Fibonacci retracement support at 1680.30. A break below that targets the 61.8% level at 1667.70. Near-term resistance is at 1693.00, the 38.2% Fib, with a turn above that eyeing the 1700.00 figure and the 23.6% retracement at 1708.70.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1341.60, the 23.6% Fibonacci expansion. This barrier is reinforced by a falling trend line set from the late-August swing top, now at 1350.07. A break above the latter barrier initially targets the September 19 high at 1375.13. Near-term support is at 1320.86, the 38.2% level, with a move beneath that eyeing the 50% Fib at 1304.10.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices are testing below support at 102.05, the 38.2% Fibonacci retracement. A break downward on a daily closing basis targets the 100.00 figure, followed by the 50% Fib at 98.91.Initial rising channel support-turned-resistance is at 105.28, with a break above that eyeing the underside of a upward sloping trend line set from mid-April (now at 106.26).
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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