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Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400
THE TAKEAWAY: The US Dollar continues to push higher as the S&P 500 probes lower to challenge the 1400 figure with an eye toward deer losses head.
US DOLLAR TECHNICAL ANALYSIS– Prices broke resistance at 10044, the 32.8%Fibonacci expansion, after completing a bullish Flag chart pattern. The bulls now target the 50% level at 10082, with a break above that aiming for the 61.8% Fib at 10122. The 10044 mark has been recast as near-term support. A reversal back below that aims for the 23.6% expansion at 9995.
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S&P 500 TECHNICAL ANALYSIS – Prices broke down as expected after putting in a bearish Dark Cloud Cover candlestick pattern below falling trend line resistance set from the September 14 high. Sellers have now overcome rising channel support and the 23.6% Fibonacci retracement at 1424.60, exposing the 38.2% level at 1408.80. A break below that targets the 50% Fib at 1396.10. The 1424.60 level and the channel bottom (now at 1429.60) have been recast as near-term resistance.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices mounted a shallow recovery from support at 1630.97, marked by the 100% Fibonacci expansion and reinforced by the bottom of a falling channel set from mid-September.Buyers have now edged above the 76.4% expansion at 1659.90, exposing the 61.8% mark at 1677.84. The 1659.90 level has been recast as support, with a turn back below that targeting 1630.97 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS– Prices are testing resistance in the 91.22-39 area, marked by the 61.8% Fibonacci expansion and the top of a rising channel set from early November. A Doji candlestick points to indecision and hints a pullback may be ahead. Support is at 90.60, the 50% Fib, with a drop below that exposing the 38.2% expansion at 89.97. Alternatively, a break higher targets the 76.4% level squarely at the 92.00 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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