Talking Points:
US Dollar Topping Cues Remain as Prices Digest Near 6-Month High
S&P 500 Stalls Above 2000 as Indecision Candles Warn of Pullback
Gold Upswing Stalls, Crude Oil Makes Tentative Break to the Upside
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices may be setting up for a correction downward after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 10618, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively, a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.
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.
S&P 500 TECHNICAL ANALYSIS – Prices continue to stall below the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support is in the 1985.30-91.40 area, marked by the July 24 high and the 50% level, with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively, a turn above 2006.80 targets channel floor support-turned-resistance at 2015.10, followed by the top of the index’s long-term uptrend at 2028.10.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are stalling after taking out resistance at 1282.47, the 61.8% Fibonacci expansion. Resistance is now at 1290.15, the 50% level, with a push beyond that exposing the 38.2% Fib at 1297.82. Alternatively, a turn back below 1282.47 opens the door for a challenge of the 76.4% expansion at 1272.98.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected, breaking through the top of a falling channel set from late July. Near-term resistance is now at 103.19, the 14.6% Fibonacci retracement, with a daily close above that exposing the 23.6% level at 104.50. The channel top (now at 102.18) has been recast as support, with a move back below that eyeing the August 19 swing lowat 101.05.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000
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