Crude Oil Drops to 4-Month Low, SPX 500 Turns Lower as Expected
Here you can find all the latest breaking forex and currency news about Crude Oil Drops to 4-Month Low, SPX 500 Turns Lower as Expected including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
Talking Points:
- US Dollar Has Erased Nearly Half of Its Year-to-Date Drop
- S&P 500 Turns Aggressively Lower After Topping Sub-2000
- Crude Oil Hits New 4-Month Low as Sharp Selloff Continues
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices broke above yet another layer of resistance after reversing upward as expected having put in a Bullish Engulfing candle pattern. Near-term resistance is at 10560, the 50% Fibonacci retracement. A daily close above that exposes 61.8% level at 10606. Alternatively, a turn back below the May 28 high at 10531 opens clears the way for a test of the 38.2% Fib at 10513.
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 turned lower as expected after putting in a bearish Evening Star candlestick pattern bolstered by negative RSI divergence. Sellers now aim to challenge the 38.2% Fibonacci retracement at 1921.80, with a break below that on a daily closing basis exposing the 50% level at 1900.30. Alternatively, a reversal above the 23.6% Fib at 1948.40 clears the way for a challenge of the 14.6% retracement at 1964.80.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are drifting cautiously lower having topped below $1350/oz three weeks ago. Near-term support is in the 1281.38-87.13 area, marked by a falling trend line set from late June and the 38.2% Fibonacci expansion. A break below that on a daily closing basis exposes the 50% level at 1269.22. Alternatively, a reversal above the 23.6% Fib at 1309.20 eyes the 14.6% expansion at 1322.94.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices continue to race downward, with sellers now aiming to challenge the 76.4% Fibonacci expansion at 97.30. A break below that on a daily closing basis exposes a rising trend line set from June 2012, now at 96.28. Alternatively, a reversal above the 61.8% level at 98.56 aims for the 50% Fib at 99.58.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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