(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Chart Setup Hints a Pullback May Be Looming
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S&P 500 Corrective Upswing Continues for Second Session
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Crude Oil May Rebound from Two-Year Uptrend Support
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Can’t access the Dow Jones FXCM US Dollar Index Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices may be setting up for a pullback after rallying as expected having put in a Bullish Engulfing candle pattern. The emergence of negative RSI divergence below resistance at 10560 the 50% Fibonacci retracement warns of ebbing upside momentum. A daily close below the 38.2% level at 10513 exposes a rising trend line established from the July 1 low now at 10489. Alternatively a push through resistance opens the door for a test of the 61.8% Fib at 10606.
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Daily Chart - Created Using FXCM Marketscope 2.0
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** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
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S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Evening Star candlestick pattern with negative RSI divergence. A bounce following a test of the 1900.00 figure sees prices testing resistance at 1942.80 the 50% Fibonacci retracement with a close above that targeting the 61.8% level at 1944.20. Alternatively a turn below the 38.2% Fib at 1931.30 aims for the 23.6% retracement at 1917.10.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices launched higher as expected after putting in a bullish Piercing Line candlestick pattern. Resistance is now at 1320.12 the 38.2% Fibonacci expansion. A break above that on a daily closing basis exposes the 50% level at 1332.49. Alternatively a reversal below the 23.6% Fib at 1304.81 clears the way for a test of the 14.6% expansion at 1295.37.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to recover after putting in a bullish Piercing Line candlestick pattern above support at a rising trend line set from June 2012. Near-term resistance is at 98.93 the 14.6% Fibonacci expansion with a break above that exposing the 23.6% level at 100.41. Trend line support is now at 96.45.
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Daily Chart - Created Using FXCM Marketscope 2.0
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-- Written by Ilya Spivak Currency Strategist for DailyFX.com
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