Talking Points:
US Dollar: Evidence of Oncoming Downturn Building
S&P 500 Manages to Hold Support Near 2000 Figure
Crude Oil Range Holds, Gold Snaps Monthly Uptrend
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing to decline after prices put in a bearish Evening Star candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 11734, the intersection of the 14.6% Fibonacci retracement and a rising trend line, with a break below that on a daily closing basis exposing the 23.6% level at 11648. Alternatively, a move above the 11854-88 area marked by the March 2009 high and the 38.2% level clears the way for a test of the 50% Fib at 11983.
Daily Chart – Created Using FXCM Marketscope
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 1998.00-30 area marked by a rising trend line and the 38.2% Fibonacci retracement exposes the 50% level at 1955.80. Alternatively, a turn back above the 23.6% Fib at 2028.00 aims for the January 23 high at 2068.10.
Daily Chart – Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices turned sharply lower, overturning the monthly uptrend. A daily close below the 38.2% Fibonacci retracement at 1253.77 exposes the 50% level at 1237.18. Alternatively, a push above the 23.6% Fib at 1274.30 targets trend line support-turned-resistance at 1299.63.
Daily Chart – Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices are stalling having attempted to recover as expected. A daily close above the 14.6% Fibonacci retracement at 50.49 exposes the 23.6% level at 53.77. Alternatively, a reversal below the 14.6% Fib expansion at 47.07 targets the 23.6% threshold at 43.79.
Daily Chart – Created Using FXCM Marketscope
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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Gold Breaks Monthly Uptrend, SPX 500 Holds Up at 2000 Figure
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