Talking Points
- US Dollar Remains Locked in Range Above June Swing Bottom
- SP 500 Pushing Higher to September Swing Top Above 1700
- Gold Chart Setup Hints at Upswing, Key Resistance Seen Ahead
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US DOLLAR TECHNICAL ANALYSIS – Prices edged higher as expected after putting in a bullish Morning Star candlestick pattern above support at 10469, the June swing bottom. Initial resistance is at 10539, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 10591.
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 recovered as expected after showing a Spinning Top candlestick at support marked by a rising trend line set from late February. Near-term resistance is now at 1729.00, the 76.4% Fibonacci expansion, with a break above that targeting the 100% level at 1754.40. Alternatively, a break below support at 1713.30 – the 61.8% Fib – exposes the 50% expansion at 1700.70
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. Initial resistance is at 1294.51, the 23.6% Fibonacci retracement. This barrier is reinforced by a falling trend line set from the August swing top. A break above that initially targets the 38.2% level at 1321.09. Near-term support is at 1251.54, the October 15 low.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices are wedged between support at 100.88, a horizontal pivot dating back to April 2012, and the top of a falling channel set from the August 28 swing high (now at 103.32). A break upward initially targets the underside of a rising channel set from early July (105.30).Alternatively, a push through support initially targets supports at the 100.00 figure and 98.99.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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