(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Seemingly Undeterred After Rising to a Six-Month High
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S&P 500 Meets Chart Resistance After Finally Closing Above 2000
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Gold Tries Another Rebound Crude Oil Sees Resistance Sub-$103
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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 continue to push upward having set a six month high after rallying as expectedfollowing the formation of a Bullish Engulfing candle pattern. A daily close above the 61.8% Fibonacci expansion at 10679 exposes the 76.4% level at 10711. Alternatively a move below the 50% Fib at 10654 opens the door for a challenge of the 38.2% expansion at 10629.
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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 extended 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 2025.80. 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 once again testing above resistance at 1282.47 the 61.8% Fibonacci expansion. A break above this barrier on a daily closing basis exposes the 50% level at 1290.15. Alternatively a reversal below the 76.4% Fib at 1272.98 targets a falling channel floor at 1266.11 followed by the 100% level at 1257.63.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices are 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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