(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Overcomes 2010 Peak Advances to Five-Year High
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S&P 500 Aiming Higher After Clearing Another Chart Barrier
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Crude Oil Stalling at Four-Year Low Gold Digesting Losses
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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 continue to march upward clearing the 2010 high to hit the highest level in over five years. Near-term resistance is at 11308 the 50% Fibonacci expansion with a break above that on a daily closing basis exposing the 61.8% level at 11400. Alternatively a reversal below the 38.2% Fib at 11216 clears the way for a test of the 11102-43 area marked by the October 3 high and the 23.6% 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 are poised to continue upward after clearing resistance at 2032.30 the 14.6% Fibonacci expansion. Buyers are now aiming for the 23.6% level at 2051.00 with a close above that exposing the 38.2% Fib at 2081.20. Alternatively a reversal back below resistance-turned-support at 2022.10 the September 19 high clears the way for a test of the November 4 low at 2002.10.
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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. A daily close below the 76.4% Fibonacci expansion at 1131.11 exposes the 100% level at 1092.78. Alternatively a reversal back above the 61.8% Fib at 1154.82 aims for the 1173.99-78.86 area (December 2013 low 50% expansion).
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices paused to digest losses after touching a four-year low. A daily close below the 38.2% Fibonacci expansion at 82.22 targets the 50% level at 80.46. Alternatively a reversal above the 23.6% Fib at 84.39 aims for the intersection of the 14.6% expansion and channel floor support-turned-resistance at 85.73.
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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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