(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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Key US Dollar Resistance Marked by January 2014 Swing High
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S&P 500 Continues to Tread Water Before Key US Jobs Report
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Gold Trend Favors Weakness Crude Oil May Launch Rebound
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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 attempting to extend yesterday’s dramatic upswing touching the highest level in 12 months.A daily close above the 10749-56 area marked by the January 2014 high and the 123.6% Fibonacci expansion exposes the 138.2% level at 10777. Alternatively a turn below the 100% Fib at 10703 clears the way for a test of the 76.4% expansion at 10657.
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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 stalling below the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support is in the 1985.30-91.40 area marked by the July 24 high and the 50% level with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively a turn above 2006.80 targets channel floor support-turned-resistance at 2023.60 followed by the top of the index’s long-term uptrend and the 76.4% expansion at 2033.40.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices appear vulnerable to continued weakness after breaking below a rising trend line set from December 2013. A break below the intersection of the 50% Fibonacci expansion and a falling channel floor at 1259.97 exposes the 61.8% level at 1251.38. Alternatively a move above the 38.2% Fib at 1268.56 aims for the 23.6% expansion at 1279.19.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern hinting a rebound may be ahead. A break above the 14.6% Fibonacci retracement at 102.42 exposes the 23.6% level at 103.82. Alternatively a move below the 99.91-100.15 area marked by the September 2 low and the 23.6% Fib expansion targets the 38.2% threshold at 97.77.
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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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