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Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Posted By : MRG Mega Berjangka, Feb 10, 2014 – 20:48

Talking Points:

US Dollar Breaks Three-Month Channel Floor
S&P 500 Rebound Eying Trend Line Resistance
Crude Oil Back to Retest December’s Swing Top

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

US DOLLAR TECHNICAL ANALYSIS – Prices broke below key support at 10661, a barrier marked by the bottom of a rising channel set from late November 2013 and the 23.6% Fibonacci retracement. Sellers now target the 38.2% level at 10602, with a further push below that aiming for the 50% Fib at 10555. Alternatively, a reversal back above the channel bottom (now at 10668) aims for a horizontal pivot level at 10718.

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_5.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

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 approaching resistance at 1802.60, trend line set from late October that formerly acted as support. A break above this barrier targets a familiar price cluster in the 1809.60-20.60. Alternatively, a move below pivot support at 1773.40 aims for a trend line set from February 2013, now at 1743.50.

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_6.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1276.22, the 38.2% Fibonacci expansion, with a break higher exposing the 50% level at 1288.05. Alternatively, a reversal below the 23.6% Fib at 1261.59 aims for a rising trend line set from early January, now at 1247.33.

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_7.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing the lower bound of a resistance cluster defined by the late December swing top in the 99.92-100.19 area (50% Fibonacci expansion, December 27 close). The upper boundary of the cluster is in the 100.73-8 region (61.8% Fib, December 27 high), with a break above that exposing the 76.4% Fib at 101.86. Alternatively, a move below support at 99.05 (38.2% Fib) exposes 97.97 (23.6% Fib).