(MENAFN- DailyFX) DailyFX.com - r>
" style="text-align:justify">
Talking Points:
-
US Dollar Back on the Offensive as Prices Set Five-Year High
-
S&P 500 Probes Support Threatens Monthly Uptrend Reversal
-
Gold at 3-Week Low Crude Oil Hits Levels Unseen Since 2009
" style="text-align:justify">
Can’t access the Dow Jones FXCM US Dollar Index Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Buyers are back on the offensive with prices pushing to a new five-year high. A daily close above the 23.6% Fibonacci expansion at 11391 exposes the 38.2% level at 11457. Alternatively a reversal below the 14.6% Fib at 11350 clears the way for a test of the November 27 low at 11284.
" style="text-align:justify">
Daily Chart - Created Using FXCM Marketscope 2.0
" style="text-align:justify">
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
" style="text-align:justify">
S&P 500 TECHNICAL ANALYSIS – Prices are probing below support at the bottom of a rising channel set from early November (2061.70) with a breach of this barrier on a daily closing basis exposing the 14.6% Fibonacci retracement at 2038.40. Near-term resistance is at 2075.90 the November 26 high followed by the channel top at 2087.90.
" style="text-align:justify">
Daily Chart - Created Using FXCM Marketscope 2.0
" style="text-align:justify">
GOLD TECHNICAL ANALYSIS – Prices turned lower as expected completing a Rising Wedge chart pattern. A daily close below the 23.6% Fibonacci expansion at 1156.94 exposes the 1125.55-1130.10 area (November 7 low 38.2% level). Alternatively a turn above the 14.6% Fib at 1176.29 targets the November 21 high at 1207.68.
" style="text-align:justify">
" style="text-align:justify">
Daily Chart - Created Using FXCM Marketscope 2.0
" style="text-align:justify">
CRUDE OIL TECHNICAL ANALYSIS – Prices continue to face heavy selling pressure dropping to the weakest level in five years. A daily close below the 38.2% Fibonacci expansion at 66.71 exposes the 50% level at 62.12. Alternatively a reversal above the 23.6% Fib at 72.40 aims for the 14.6% expansion at 75.90.
" style="text-align:justify">
Daily Chart - Created Using FXCM Marketscope 2.0
" style="text-align:justify">
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
" style="text-align:justify">
To receive Ilya's analysis directly via email please SIGN UP HERE
" style="text-align:justify">
Contact and follow Ilya on Twitter: @IlyaSpivak
original source