Talking Points:
- US Dollar Still Treading Water in a Familiar Range
- SP 500 Rebounds to Probe Above 1800.00 Again
- Crude Oil Stalling Below $98.00, Gold May Bounce
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices continue to consolidate below resistance in the 10645, the 38.2% Fibonacci expansion. Near-term support is at 10603, the 23.6% expansion, with a break below that exposing the 38.2% Fib retracement at 10549. Alternatively, a reversal above resistance initially aims for the 50% expansion at 10679.
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 rebounded from resistance-turned-support at 1778.90 (October 30 swing high). Resistance is in the 1813.10-17.80 area, marked by the November 29 high and the 23.6% Fibonacci expansion. A break above that targets the 38.2% level at 1842.10. Reversing below support exposes the 38.2% Fib retracement at 1749.60.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Resistance is in the 1237.57-51.54 area, marked by the 23.6% Fibonacci retracement and the October 15 low. A break above that initially targets the 38.2% level at 1268.98. Near-term support is at 1211.67, the December 4 low.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices continued higher as expected after breaking resistance at the top of a falling channel set from late August. Resistance is at 98.02, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 101.90. Near-term support is at 95.36.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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