MRG MEGA BERJANGKA
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Dollar and SPX 500 Stalling as Markets Await US Jobs Data

Posted By : MRG Mega Berjangka, Jan 10, 2014 – 12:00

Talking Points:

US Dollar Falters at Familiar Range Top Once Again
S&P 500 Still Consolidating Below 2013 Swing High
Crude Oil Prices Testing Support at Nov’13 Bottom

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

US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance at 10719, the 23.6% Fibonacci expansion, targets the December 19 high at 10727 and a rising channel top at 10752. Near-term support is in the 10642-46 area, marked by a horizontal pivot and the channel bottom.

Forex_Dollar_and_SPX_500_Stalling_as_Markets_Await_US_Jobs_Data_body_Picture_5.png, Dollar and SPX 500 Stalling as Markets Await US Jobs Data

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 bounced from support at 1823.80, the 38.2% Fibonacci expansion. A break above 1843.40 – the 50% level – exposes the December 31 high at 1849.10 and the 61.8% Fib at 1863.00. Alternatively a reversal below 1823.80 broadly aims for the 1800 figure.

Forex_Dollar_and_SPX_500_Stalling_as_Markets_Await_US_Jobs_Data_body_Picture_6.png, Dollar and SPX 500 Stalling as Markets Await US Jobs Data

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Harami candlestick pattern. A break above resistance in the 1217.75-22.01 area, marked by the December 2 low and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1248.70. A further push beyond that aims for the 1261.28-70.28 region, bracketed by the October 11 swing low and the 50% Fib.

Forex_Dollar_and_SPX_500_Stalling_as_Markets_Await_US_Jobs_Data_body_Picture_7.png, Dollar and SPX 500 Stalling as Markets Await US Jobs Data

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS– Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. A break below 91.74 – the November 27 swing low – exposes the 50% Fibonacci expansion at 90.50. Reversing back above 92.91, the 38.2% level, aims for the 23.6% Fib at 95.90.