(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Snaps Winning Streak Posts Largest Drop in 3 Months
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S&P 500 Rallies Most in a Month Narrowly Retakes 2000 Figure
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Gold Attempting a Recovery Crude Oil Bounces at 17-Month Low
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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 snapped a six-day advance with the largest daily decline in three months.A daily close below the 76.4% Fibonacci expansion at 10844 exposes the 61.8% level at 10800. Alternatively a push above the 10898-914 area marked by the September 16 high and the 100% Fib at clears the way for a test of the 123.6% expansion at 10984.
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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 recoiled from support at 1984.60 the 23.6% Fibonacci retracement to challenge the 23.6% Fib expansion at 2001.60. A break above this barrier on a daily closing basis initially exposes the 2012.60-18.90 area marked by the September 3 high and the 38.2% expansion. Alternatively a reversal below support targets the 38.2% retracement at 1967.30.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices are attempting a cautious recovery after finding support above the $1200/oz figure. A break above the 14.6% Fibonacci retracement at 1243.05 on a daily closing basis exposes the 23.6% level at 1253.80. Near-term support is at 1225.60 the September 15 low.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices are edging higher as expected after putting in a bullish Piercing Line candlestick pattern above support at 96.73 the mid-April 2013 low. Near-term resistance is at 99.47 the 14.6% Fibonacci retracement with a break above that on a daily closing basis exposing the 23.6% level at 101.18.
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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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