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Forex Analysis: US Dollar, S&P 500 Tread Water Amid Indecision
THE TAKEAWAY: The S&P 500 and the US Dollar continue to tread water near familiar technical levels as financial markets remain paralyzed by indecision.
US DOLLAR TECHNICAL ANALYSIS– Prices are testing resistance at 9982, the 50% Fibonacci retracement, with a break higher targeting a rising channel top at 10015 and the 61.8% level at 10038. Near-term trend line support is at 9954, with a drop below that exposing the 38.2% Fib at 9925.
Daily Chart - Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS – Prices are testing support at 1369.40, the 50% Fibonacci retracement level, after taking out the 38.2% level at 1394.30. A break downward exposes the 61.8% Fib at 1344.50. The 1394.30 level has been recast as resistance, with a reversal back above that targeting the 1424.90-30.90 area.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1732.33, the 23.6% Fibonacci retracement. A push above that targets the 1790.55-1802.80 area. Near-term support is at 1693.06, the 38.2% Fib, a barrier reinforced by a rising trend line set from late June (now at 1685.45). A drop beneath the latter level targets the 50% Fib at 1661.32.
Daily Chart - Created Using FXCM Marketscope 2.0
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CRUDE OIL TECHNICAL ANALYSIS– Prices continue to hover above the 50%Fibonacci expansion at 83.76.A break below that exposes 80.00 figure and the 61.8% level at 7978. Resistance is at 87.66, marked by the 38.2% Fib and reinforced by a falling trend line set from the September 14 high. A push above that aims for the 90.00 figure and the 23.6% expansion at 92.53.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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