Talking Points:
- US Dollar Holds at Range Floor, Attempts to Recover
- S&P 500 Continues to Correct, Reclaims 2100 Figure
- Gold and Crude Oil Prices Remain in Digestion Mode
US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to rebuild upside momentum after finding range bottom support. Near-term resistance is at 12026, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 12056. Alternatively, a reversal below the 23.6% Fib retracement at 11985 opens the door for a challenge of the 38.2% threshold at 11937.
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
S&P 500 TECHNICAL ANALYSIS – Prices continue to correct higher following a sharp three-day loss streak. A break above the 50% Fibonacci expansion at 2108.50 exposes the 61.8% level at 2119.10. Alternatively, a move below the 38.2% Fib at 2097.80 targets the 23.6% expansion at 2084.70.
GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after falling to the weakest level in over five years. A break below the 14.6% Fibonacci expansion at 1090.20 exposes the 23.6% level at 10778.10. Alternatively, a move above the 23.6% Fib retracement at 1103.00 targets channel floor support-turned-resistance at 1109.21.
CRUDE OIL TECHNICAL ANALYSIS – Prices remain in digestion mode after hitting a five-month low. A daily close below the 50% Fibonacci expansion at 52.37 exposes the 61.8% level at 50.66. Alternatively, a reversal above the 38.2% Fib at 54.08 targets the 23.6% expansion at 56.20.
