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Talking Points:
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US Dollar Sets 4-Year High Working on 7th Straight Up Day
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S&P 500 Edging Downward as Sellers Eye September Bottom
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Gold Aims to Extend Down Move After Hitting a 9-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 are working on a seventh consecutive advance extending to a new four-year high. A daily close above the 38.2% Fibonacci expansion at 11130 exposes the 50% level at 11200. Alternatively a reversal back below the 23.6% Fib at 11043 clears the way for a test of rising trend line support at 11016.
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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 continue to edge lower with a falling channel. Near-term support is 1963.40 the September 29 swing low with a break below that on a daily closing basis exposing the channel floor at 1941.60. Alternatively a move above the channel top at 1976.60 targets the 23.6% Fibonacci expansion at 1994.60.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices resumed its down trend after a brief consolidative period with sellers now aiming to test the 23.6% Fibonacci expansion at 1198.47. A break below that on a daily closing basis exposes the 1178.23-86 area marked by the 38.2% level and the December 31 2013 low. Alternatively a turn back above the 14.6% Fib at 1210.94 aims for range top resistance at 1225.38.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices edged past support at 95.11 the 23.6% Fibonacci expansion to challenge falling channel floor support at 94.14. A break below that exposes the 38.2% level at 92.34. Alternatively a turn back above the 95.11 eyes the 96.73-82 area marked by the April 18 2013 low and the 14.6% Fib.
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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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