MRG MEGA BERJANGKA
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Forex: Is the US Dollar Preparing to Resume its Uptrend?

Posted By : MRG Mega Berjangka, Jan 27, 2014 – 07:28

Talking Points:

US Dollar May Be Preparing to Resume its Uptrend
S&P 500 Eyes 14-Month Support After Sharp Selloff
Crude Oil Chart Setup Hints at Reversal Lower Ahead

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

US DOLLAR TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern above support in the 10653-61 area, marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break above initial resistance at 10718 – a horizontal pivot – targets the January high at 10756 and the channel top at 10776. Alternatively, reversing below support exposes the 38.2% Fib at 10602.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_5.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

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 set to test support at 1773.30, marked by the 38.2% Fibonacci retracement and a rising trend line set from November 2012. A break below this barrier initially exposes the 50% Fib at 1749.20. Near-term resistance lines up tin eh 1809.60-20.60 area.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_6.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing above resistance at 1272.99, the 50% Fibonacci retracement level. A break higher on a daily closing basis exposes the 61.8% level at 1282.80. Near-term support is in the 1263.10-67.71 area, marked by a horizontal pivot and the 38.2% Fib.

Forex_Is_the_US_Dollar_Preparing_to_Resume_its_Uptrend_body_Picture_7.png, Forex: Is the US Dollar Preparing to Resume its Uptrend?

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Initial support is at 95.56, the 23.6% Fibonacci expansion, with a break below that eyeing the 38.2% level at 94.17. Near-term resistance is at 97.81, the January 23 swing high.