MRG MEGA BERJANGKA
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Dollar Working on Fifth Day of Gains, SPX 500 Looking for Direction

Posted By : MRG Mega Berjangka, Feb 21, 2014 – 16:26

Talking Points:

US Dollar Attempting to Extend Rally for a Fifth Session
S&P 500 Searching for Direction Cues Below 2013 Highs
Gold, Crude Oil Treading Water at Familiar Chart Levels

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to edge upward after showing a Hammer candlestick above support at a rising trend line set from September 2012. Prices are working on securing fifth day in positive territory, the best performance since late October. A daily close above the 23.6% Fibonacci retracement at 10576 exposes the 38.2% level at 10610. Trend line support is now at 10542, followed by the February 17 low at 10520.

Forex_Dollar_Working_on_Fifth_Day_of_Gains_SPX_Searching_for_Direction_body_Picture_5.png, Dollar Working on Fifth Day of Gains, SPX 500 Looking for Direction

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 consolidating below resistance at 1847.90, the 2013 closing high. Near-term support is at 1821.30, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis targeting a rising trend line at 1809.50 and the 38.2% level at 1805.40. Alternatively, a push above resistance aims for the 38.2% Fib expansion at 1861.80.

Forex_Dollar_Working_on_Fifth_Day_of_Gains_SPX_Searching_for_Direction_body_Picture_6.png, Dollar Working on Fifth Day of Gains, SPX 500 Looking for Direction

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices began to pull back as expected after putting in a bearish Dark Cloud Cover candlestick pattern below trend line resistance set from April 2013. Breaking below rising trend line support at initially exposes the 23.6% Fibonacci retracement at 1295.85. Trend line resistance is now at 1326.19, followed by the February 18 high at 1331.99.

Forex_Dollar_Working_on_Fifth_Day_of_Gains_SPX_Searching_for_Direction_body_Picture_7.png, Dollar Working on Fifth Day of Gains, SPX 500 Looking for Direction

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance at 103.29, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 104.48. Alternatively, a move below the 23.6% Fib at 101.81 exposes 100.73, the December 27 high.