Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher
Date
11/24/2014 9:35:51 AM
(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar is Poised to Establish New Year-to-Date High
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S&P 500 Sets Another Record as Upward Drift Continues
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Crude Oil Gains Traction Gold Eyeing Trend Resistance
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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 look poised to push to new year-to-date highs having cleared yet another layer of chart resistance. A daily close above the 38.2% Fibonacci expansion at 11374 exposes the 50% level at 11422. Alternatively a reversal below the 23.6% Fib at 11315 clears the way for a test of the 14.6% expansion at 11278.
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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 march higher after clearing resistance at 2051.00 the 23.6% Fibonacci expansion with buyers aiming to challenge the 38.2% level at 2081.20. A further push beyond that targets the 50% Fib at 2105.60. Alternatively a reversal back below 2051.00 on a daily closing basis targets the 2022.10-32.30 area marked by the 14.6% expansion and the September 19 high.
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Daily Chart - Created Using FXCM Marketscope 2.0
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GOLD TECHNICAL ANALYSIS – Prices are edging upward en route toward resistance at 1212.23 the 38.2% Fibonacci retracement. A daily close above this barrier exposes a falling trend line at 1226.78. Alternatively a reversal below the 1178.86-80.84 zone (December 2013 low 23.6% Fib) targets the 14.6% retracement at 1161.49.
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Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the intersection of a falling trend line and the 23.6% Fibonacci retracement at 81.71 exposes the 38.2% level at 84.78. Alternatively a reversal back below the 14.6% Fib at 79.81 targets the November 14 low at 76.74.
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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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