US Dollar Rally Pauses, SPX 500 Aiming Above 2000 Figure
Here you can find all the latest breaking forex and currency news about US Dollar Rally Pauses, SPX 500 Aiming Above 2000 Figure 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 Corrects Lower After Rally Stalls at a Six-Month High
- S&P 500 Aims Above 2000 Figure After Clearing July Swing Top
- Gold Testing Trend Support, Crude Oil Trying to Spark Recovery
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices are correcting lower after hitting a six-month highhaving rallied as expectedfollowing the appearance of a Bullish Engulfing candle pattern. A daily close below the 38.2% Fibonacci expansion at 10627 exposes the 23.6% level at 10595. Alternatively, a move above the 50% Fib at 10652 opens the door for a challenge of the 61.8% expansion at 10677.
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 aiming to extend upward after clearing resistance in the 1985.30-91.40 area marked by the 50% Fibonacci expansion and the July 24 high, with the bulls targeting the intersection of a formerly broken channel floor and the 61.8% level at 2006.80. A further push beyond that aims for the outer boundary of the index’s long-term uptrend at 2021.80. Alternatively, a turn back below 1985.30 targets the 38.2% Fib at 1963.70.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are testing support in the 1269.02-72.98 area marked by a falling channel bottom and the 76.4% Fibonacci expansion. A break below that on a daily closing basis exposes the 100% level at 1257.63. Alternatively, a reversal above the 61.8% Fib at 1282.47 targets the 50% expansion at 1290.15.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices is attempting to inch higher as expected after showing positive RSI divergence on a test of support at 101.61, the 61.8% Fibonacci expansion.A daily close above 102.94, the intersection of the 50% level and a falling trend line set from mid-June, targets the 38.2% Fib at 104.28. Alternatively, a break below 101.61 exposes the 76.4% expansion at 99.96.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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