(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Trying to Extend Winning Streak for Sixth Straight Day
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S&P 500 Rounding Out a Top as Prices Dip Below Range Floor
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Crude Oil Aiming for $96.00 Figure Gold Decline Marks a Pause
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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 the latest leg of a two-month rally with a sixth consecutive daily gain.A daily close above the 38.2% Fibonacci expansion 10871 exposes the 50% level at 10919. Alternatively a turn below the 23.6% Fib at 10812 clears the way for a test of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.
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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 a testing below support at 1984.60 the 23.6% Fibonacci retracement. A break downward on a daily closing basis initially exposes the 38.2% level at 1967.30. Alternatively a reversal above the September 3 high at 2012.60 targets the upper boundary of the index’s long-term uptrend at 2039.50.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices are retesting support-turned-resistance at 1233.08 the 61.8% Fibonacci expansion. A daily close above this barrier exposes the 50% level at 1240.82. Alternatively a turn below the 76.4% Fib at 1223.52 targets the 100% expansion at 1208.06.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices broke support at 97.77 marked by the 38.2% Fibonacci expansion exposing the 50% level at 96.04. A further push beneath that targets the 61.8% Fib at 94.32. Alternatively a reversal back above the 97.77 aims for the 23.6% expansion at 99.91.
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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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