(MENAFN- DailyFX) DailyFX.com - r>
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Talking Points:
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US Dollar Chart Setup Continues to Warn of Downturn
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S&P 500 Bounces at Support Returns to Familiar Range
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Gold in Digestion Mode Crude Oil Aims Above $59.00
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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 may be preparing to decline after prices put in a bearish Evening Star candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 11734 the intersection of the 14.6% Fibonacci retracement and a rising trend line with a break below that on a daily closing basis exposing the 23.6% level at 11648. Alternatively a move above the 11854-88 area marked by the March 2009 high and the 38.2% level clears the way for a test of the 50% Fib at 11983.
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Daily Chart - Created Using FXCM Marketscope
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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 declined as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 1980.20-88.00 area marked by a rising trend line and the 38.2% Fibonacci retracement exposes the 50% level at 1955.80. Alternatively a push above the 23.6% Fib at 2028.00 targets the January 23 high at 2068.10.
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Daily Chart - Created Using FXCM Marketscope
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GOLD TECHNICAL ANALYSIS – Prices recoiled from resistance-turned-support at October’s swing highs producing the largest daily advance in 3 weeks. A daily close above the 23.6% Fibonacci expansion at 1285.20 exposes the 38.2% level at 1305.73. Alternatively a reversal below the 38.2% Fib retracement at 1253.77 targets the 50% threshold at 1237.18.
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Daily Chart - Created Using FXCM Marketscope
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CRUDE OIL TECHNICAL ANALYSIS – Prices pushed higher following a prolonged period of consolidation after bottoming as expected above the $45.00/barrel figure. A daily close above the 38.2% Fibonacci retracement at 59.08 exposes the 50% level at 63.38. Alternatively a reversal below the 23.6% Fib at 53.77 targets the 14.6% retracement at 50.49.
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Daily Chart - Created Using FXCM Marketscope
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--- Written by Ilya Spivak Currency Strategist for DailyFX.com
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