Talking Points:
- US Dollar Working on Worst Losing Streak in Three Months
- S&P 500 Turns Higher, Clears Near-Term Trend Resistance
- Gold Tags 2-Week High, Crude Oil Continues to Drift Lower
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracement at 10942 exposes the 50% level at 10880. Alternatively, a turn above the 23.6% Fib at 11019 clears the way for a test of the 14.6% retracement at 11066.
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 moved to test resistance at 1974.00, the 38.2% Fibonacci expansion, after breaking through the top of a falling channel set from mid-September. A daily close above this barrier exposes the 50% level at 1989.10. Alternatively, a move below channel top resistance-turned-support at 1952.90 targets the October 2 low at 1925.10.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are moving higher as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracement at 1236.31 exposes the 50% level at 1252.80. Alternatively, a turn below the 23.6% Fib at 1215.91 targets the 1203.33-9.02 area marked by falling channel top resistance-turned-support and the 14.6% expansion
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to challenge support at 90.11, the 38.2% Fibonacci expansion. A break below that exposes the 50% level at 87.73. Alternatively, a reversal above the 23.6% Fib at 93.04 aims for the 14.6% expansion at 94.85.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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