MRG MEGA BERJANGKA
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US Dollar Waiting for Direction Cues, Gold May Be Topping

Posted By : MRG Mega Berjangka, Mar 18, 2014 – 12:06

Talking Points:

US Dollar Waiting for Direction Cues Near Monthly Bottom
S&P 500 Recovers to Retest Recently Broken Chart Support
Gold Positioning Signals Weakness, Crude Oil May Bounce

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

US DOLLAR TECHNICAL ANALYSIS – Prices are stalling near 10502,the March 7 low, after edging below the 23.6% Fibonacci expansion at 10529. Support is reinforced by the 38.2% Fib at 10492. A push beneath the latter level targets the 50% expansion at 10462. Alternatively, a reversal above 10529 opens the door for a test of falling trend line resistance at 10572.

Forex-US-Dollar-Waiting-for-Direction-Cues-Gold-May-Be-Topping_body_Picture_5.png, US Dollar Waiting for Direction Cues, Gold May Be Topping

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 rebounded from support at 1831.00, the 23.6% Fibonacci retracement. Resistance is at 1866.00, the 23.6% Fib expansion level, with a break above that aiming for the underside of a recently broken rising channel at 1873.20. Alternatively, a turn below support exposes the 50% retracement at 1813.30.

Forex-US-Dollar-Waiting-for-Direction-Cues-Gold-May-Be-Topping_body_Picture_6.png, US Dollar Waiting for Direction Cues, Gold May Be Topping

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern, hinting at a reversal ahead. Initial support is in the 1345.41-50.94 area, marked by a falling trend line set from April 2013 and the top of a rising channel established from mid-December. A break downward exposes the 38.2% Fibonacci retracement at 1310.56. Near-term resistance is at 1391.96, the March 17 high.

Forex-US-Dollar-Waiting-for-Direction-Cues-Gold-May-Be-Topping_body_Picture_7.png, US Dollar Waiting for Direction Cues, Gold May Be Topping

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – The appearance of a Morning Star candlestick pattern suggests a rebound may be ahead. Initial resistance is in the 100.73-83 area, marked by the December 27 high and the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 102.87. Near-term support is at 97.53, the March 12 low.