(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Sinks to Chart Support Before FOMC Announcement
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S&P 500 Moves to One-Month High Eyes 2000 Threshold Anew
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Gold Pauses After Breakdown Crude Oil Mired in Congestion
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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 paused to consolidate following a breakout that seems to mark longer-term uptrend resumption. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. Alternatively a turn below the intersection of channel top resistance-turned-support and the 23.6% Fib retracement at 10959 clears the way for a test of the 38.2% threshold at 10845.
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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 advanced to a one-month high to test resistance at 1987.70 the 23.6% Fibonacci expansion. A break above that on a daily closing basis exposes the 38.2% level at 2010.10. Alternatively a reversal below the 14.6% Fib at 1973.80 aims for the October 27 low at 1951.40.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers now aim to challenge the 23.6% Fibonacci expansion at 1216.87 with a break below that on a daily closing basis exposing the 38.2% level at 1193.16. Alternatively a reversal back above the 14.6% Fib at 1231.49 aims for the 1248.57-55.20 area marked by a falling trend line set from mid-July and the October 21 high.
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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 Engulfing candlestick pattern hinting a bounce may be ahead. A break above 87.67 the intersection of the 14.6% Fibonacci retracement and channel floor support-turned-resistance exposes the 23.6% level at 90.62. Near-term support is at 82.88 the October 15 low.
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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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