(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Corrects Lower After Rally Stalls at a Six-Month High
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S&P 500 Aims Above 2000 Figure After Clearing July Swing Top
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Gold Testing Trend Support Crude Oil Trying to Spark Recovery
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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 are correcting lower after hitting a six-month highhaving rallied as expectedfollowing the appearance of a Bullish Engulfing candle pattern. A daily close below the 38.2% Fibonacci expansion at 10627 exposes the 23.6% level at 10595. Alternatively a move above the 50% Fib at 10652 opens the door for a challenge of the 61.8% expansion at 10677.
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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 are aiming to extend upward after clearing resistance in the 1985.30-91.40 area marked by the 50% Fibonacci expansion and the July 24 high with the bulls targeting the intersection of a formerly broken channel floor and the 61.8% level at 2006.80. A further push beyond that aims for the outer boundary of the index’s long-term uptrend at 2021.80. Alternatively a turn back below 1985.30 targets the 38.2% Fib at 1963.70.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices are testing support in the 1269.02-72.98 area marked by a falling channel bottom and the 76.4% Fibonacci expansion. A break below that on a daily closing basis exposes the 100% level at 1257.63. Alternatively a reversal above the 61.8% Fib at 1282.47 targets the 50% expansion at 1290.15.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices is attempting to inch higher as expected after showing positive RSI divergence on a test of support at 101.61 the 61.8% Fibonacci expansion.A daily close above 102.94 the intersection of the 50% level and a falling trend line set from mid-June targets the 38.2% Fib at 104.28. Alternatively a break below 101.61 exposes the 76.4% expansion at 99.96.
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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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