MRG MEGA BERJANGKA
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US Dollar Begins Cautious Recovery, Gold Finds Interim Support

Posted By : MRG Mega Berjangka, Mar 24, 2014 – 03:39

Talking Points:

US Dollar Begins Cautious Recovery with Minor ResistanceBreak
S&P 500 Mired in Consolidation Mode Below March Swing High
Crude Oil Attempting to Build Higher, Gold Finds Interim Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices recovered to take out resistance at the top of a minor falling channel, exposing the 23.6% Fibonacci expansion at 10590. A break above this barrier initially targets the 38.2% level at 10649. Channel top support-turned-resistance is now at 10560.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_5.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

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 in consolidation mode below support-turned-resistance at the bottom of a rising channel set from mid-February (1881.60). Near-term support is 1853.00, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1831.00. Alternatively, a break above resistance exposes the March 7 high at 1888.60.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_6.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. Initial support is at 1319.01, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 1273.88. Trend line support-turned-resistance is now at 1342.09. Above that aims for the March 17 high at 1391.97.

Forex-US-Dollar-Begins-Cautious-Recovery-Gold-Finds-Interim-Support_body_Picture_7.png, US Dollar Begins Cautious Recovery, Gold Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to build upward momentum after putting in a bullish Morning Star candlestick pattern. A break above resistance at 99.57, the 14.6% Fibonacci expansion, exposes the 23.6% level at 100.83. Near-term support is at 97.53, the March 12 low.