US Dollar Looking for Direction at Critical Chart Threshold

DailyFX

Talking Points

  • US Dollar Looking for Direction at Former Rising Trend Boundary
  • S&P 500 May Have Set a Meaningful Top Above the 1700 Figure
  • Gold Holding Above the $1300/oz Mark, Outlook Favors Downside

To receive Ilya's analysis directly via email, please SIGN UP HERE

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices are retesting support-turned-resistance at a rising trend line set from early April (now at 10586), with a break higher targeting the August 16 low at 10646. Near-term support is at 10469, the June 13 low. A push beneath that eyes the March 25 bottom at 10413.

View gallery

.
Forex_US_Dollar_Looking_for_Direction_at_Critical_Chart_Threshold_body_Picture_5.png, US Dollar Looking for Direction at Critical Chart Threshold

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices are pulling back after putting in a bearish Evening Star candlestick pattern. A break of support at 1708.70, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 1693.00. A push beneath that eyes the 50% Fib at 1680.30. Reversing back above 1708.70 targets the September 19 high at 1734.10.

View gallery

.
Forex_US_Dollar_Looking_for_Direction_at_Critical_Chart_Threshold_body_Picture_6.png, US Dollar Looking for Direction at Critical Chart Threshold

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from support-turned-resistance at the underside of a rising channel set from the late-June swing bottom. A break through the 1341.60-47.52 area, marked by a horizontal pivot and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1320.86. Pushing further beneath that eyes the 50% Fib at 1304.10. Alternatively, a move back above 1347.52 targets the channel top (now at 1390.05) anew.

View gallery

.
Forex_US_Dollar_Looking_for_Direction_at_Critical_Chart_Threshold_body_Picture_7.png, US Dollar Looking for Direction at Critical Chart Threshold

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke through support at the bottom of a rising channel set from early July and an upward-sloping trend line established from mid-April. Sellers now target the 38.2% Fibonacci retracement at 102.05, with a break below that eyeing the 50% mark at 98.91. A Hammer candlestick hints a bounce may be ahead however. Channel support-turned-resistance is now at 105.11.

View gallery

.
Forex_US_Dollar_Looking_for_Direction_at_Critical_Chart_Threshold_body_Picture_8.png, US Dollar Looking for Direction at Critical Chart Threshold

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)