(MENAFN- DailyFX)
Talking Points:
- US Dollar Back at Familiar Pivot Resistance Level
- S&P 500 Aims Higher After Testing Key Trend Line
- Gold Finds Interim Support, Crude Oil Vulnerable
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern above support at 10661, marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. The bulls are now testing resistance at 10718 – a horizontal pivot barrier in play since mid-December. A daily close above this threshold initially exposes the January high at 10756, followed by the channel top at 10789. Alternatively, a turn below support in the 1.3545-52 area targets the 38.2% Fib at 10602.
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 put in a bullish Piercing Line candlestick pattern above support at 1773.30-76.70 area, marked by the 38.2% Fibonacci retracement and a rising trend line set from November, hinting a move higher is ahead. Near-term resistance lines up in the 1809.60-20.60 region, with a break above that exposing the January 15 high at 1851.40. Alternatively, a reversal below support initially exposes the 50% Fib at 1749.20.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern at 1267.71, a support-turned-resistance level set from early October. Initial support is at 1235.57, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1208.88. A turn above 1267.71 eyes the January 27 high at 1278.72.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Breaking below rising trend lien support set from mid-January, now at 97.25, initially exposes the 23.6% Fibonacci expansion at 96.31. Near-term resistance is at 98.56, the January 30 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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