THE TAKEAWAY: The US Dollar has descended test support guiding the uptrend since mid-June. The S&P 500 pulled back, validating bearish chart clues.
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US DOLLAR TECHNICAL ANALYSIS – Prices pulled back to test support at 10772, the 14.6%Fibonacci expansion. This barrier is reinforced by a rising trend line set from mid-June (10744), with a break below that eyeing the July 29 low at 10693. Near-term resistance is at 10820,the 23.6% Fib. A push above that targets the 38.2% expansion at 10899.
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 pulled back as expected after putting in a Hanging Man candlestick. Near-term support is at 1687.40, the May 22 high, a barrier reinforced by the bottom of a rising channel set from mid-July. A break below that targets the 23.6% Fibonacci retracement at 1674.10. Channel resistance is now at 1713.70.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June. Sellers are now challenging the 23.6% Fibonacci expansion at 1273.98, with a break below that exposing the 38.2% level at 1229.03. Near-term resistance is at 1301.68, the 14.6% expansion, followed by the channel bottom (now at 1347.36).
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A pullback from resistance at 108.89, the July 19 high, has opened the door for a test of the 23.6% Fibonacci retracement. Breaking below this barrier would expose the 38.2% level at 102.70. Alternatively, a move above resistance initially exposes the 50% Fib expansion at 110.77.
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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US Dollar Meets Chart Support, S&P 500 Tumbles as Expected
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