Talking Points:
US Dollar Positioning Warns of Downside Reversal Risk
S&P 500 Threatens Range Support Below 2000 Figure
Crude Oil Trying to Make Good on Bullish Chart Setup
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices may be readying to turn lower after producing a bearish Evening Star candlestick pattern. A daily close below the intersection of the 14.6% Fibonacci retracement and a rising trend line at 11734 exposes the 23.6% level at 11648. Alternatively, a reversal above the 11854-88 area marked by the March 2009 high and the 38.2% level opens the door for a challenge 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 38.2% Fibonacci retracement at 1988.00 exposes the 50% level at 1955.80. Alternatively, a rebound above trend line support-turned-resistance at 1999.10 targets the 23.6% Fib at 2028.00.
Daily Chart – Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices recoiled from resistance-turned-support at October’s swing highs, producing the largest daily advance in 3 weeks. A daily close above the 23.6% Fibonacci expansion at 1285.20 exposes the 38.2% level at 1305.73. Alternatively, a reversal below the 38.2% Fib retracement at 1253.77 targets the 50% threshold at 1237.18.
Daily Chart – Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices pushed higher following a prolonged period of consolidation after bottoming as expected above the $45.00/barrel figure. A daily close above the 23.6% Fibonacci retracement at 53.77 exposes the 38.2% level at 59.08. Alternatively, a reversal below the 14.6% Fib at 50.49 targets the 14.6% Fib expansion at 47.07.
Daily Chart – Created Using FXCM Marketscope
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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Crude Oil Prices Trying to Make Good on Bullish Chart Setup
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