(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Technical Setup Warns of Downward Correction Ahead
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S&P 500 Pauses for a Breather After Clearing 2000.00 Threshold
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Crude Oil Struggling to Break $103.00 Gold Battering Range Top
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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 correction downward after putting in a bearish Evening Star candlestick pattern. Near-term support is at 10618 the 14.6% Fibonacci retracement with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.
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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 2026.50. 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 1265.44 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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