Talking Points:
US Dollar Technical Setup Reveals Another Pullback Warning
S&P 500 Touches Six-Week Low as Downward Drift Continues
Gold and Crude Oil Prices Remain Locked in Familiar Ranges
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick, hinting a pullback may in the cards. Near-term support is at 10990, marked by the intersection of the 14.6% Fibonacci expansion and a rising trend line. A break below that on a daily closing basis exposes the September 22 high at 10956. Alternatively, a push above the 23.6% level at 11043 opens the door for a challenge of the 38.2% Fib at 11130.
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 are testing falling channel resistance at 1982.50, with a break above that on a daily closing basis exposes the 23.6% Fibonacci expansion at 1994.60. Near-term support is at 1963.40, the September 29 swing low, followed by the channel floor at 1947.40.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher may be ahead. A break above the 14.6% Fibonacci retracement at 1226.73 on a daily closing basis exposes the 23.6% level at 1239.20. Near-term support is at 1206.49, the September 25 low.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support at 96.73, the April 2013 low, with a break below that on a daily closing basis exposing the 23.6% Fibonacci expansion at 95.11. Near-term resistance is at 99.59, the September 17 high.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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US Dollar Chart Setup Warns of Pullback, SPX 500 Touches 6-Week Low
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