(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Continues to Push Higher Clearing October Top
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S&P 500 Stalls After Failing to Close Above September High
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Crude Oil Back Under Pressure Gold Drops for Fourth Day
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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 continued to push upward clearing October’s swing high to touch the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11216 exposes the 50% level at 11308. Alternatively a turn below the 11102-43 area marked by the October 3 high and the 23.6% Fib clears the way for a test of trend line support at 10987.below the 23.6% Fib at 11102 opens the door for a challenge of trend line support at 10982.
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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 have returned to test resistance at 2022.10 the September swing high with a break above that on a daily closing basis exposing the 38.2% Fibonacci expansion at 2035.20. Alternatively a reversal below the 23.6% level at 2009.80 aims for the 14.6% Fib at 1994.20.
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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 61.8% Fibonacci expansion at 1154.82 with a break below that on a daily closing basis exposing the 76.4% level at 1131.11. Alternatively a reversal back above the 1173.99-78.86 area (December 2013 low 50% Fib) aims for the 38.2% expansion at 1193.16.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices are back under pressure with sellers testing the 14.6% Fibonacci expansion at 83.12. A break below that on a daily closing basis exposes the 23.6% level at 80.17. Alternatively a reversal above falling channel floor support-turned-resistance at 86.25 targets the October 29 high at 87.91.
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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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