US Dollar Finds Support as S&P 500 Continues to Stall

9 January, 2013

US DOLLAR TECHNICAL ANALYSIS Prices found support at 10059, the 23.6% Fibonacci retracement. A bounce from here sees initial channel top resistance at 10133, with a break above that targeting the January 4 high at 10158. Alternatively, a drop through support exposes the 38.2% level at 9998.

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices launched sharply higher in the aftermath of a deal to avert the fiscal cliff, taking out a falling trend line set from mid-September and exposing resistance at 1466.10. A break above that targets the 1471.60-1474.90 area marked by the October 5 and September 14 swing highs. Initial support is at 1450.10, the December 19 top, with a break below that eyeing the trend line at 1439.60 and a horizontal pivot at 1432.90.

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices found support at the bottom of a falling channel set from mid-September 2012, recovering to the 23.6% Fibonacci retracement at 1665.66. A break above that exposes the 38.2% level at 1690.39. The first layer of major support is at 1620.84, the channel bottom.

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Hanging Man candlestick below resistance at 93.25, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is in the 91.23-92.01 area, marked by the 61.8% and 76.4% Fibs respectively. This barrier is reinforced by the formerly broken top of a rising channel top set from early November.A drop below 91.23 exposes the 90.00 figure. Alternatively, a reversal above 93.25 aims for the 123.6% expansion at 94.51.


Source link  
Euro Declines Despite Improved German Consumer Confidence

German consumer confidence will rise in February from a 7-month low, according to the GFK survey. The survey result was reported at 5.8, slightly higher than an expected 5.7 and better than January's revised 5.7 survey result...

Dollar Posts Third Four-Day Rally Since Bull Wave Began

Though its recent gains have been particularly reserved, the Dow Jones FXCM Dollar (ticker = USDollar) managed to fourth consecutive daily advance through Monday's close...

British Pound Sinks as Carney Hints at More Easing

The British Pound broadly underperformed in overnight trade, down against its top counterparts. The selloff followed comments from incoming Bank of England Governor Mark Carney...


Euro Looks to ECB LTRO Repayment for Direction Cues

The European Central Bank is in focus as it releases details of next week's first 3-year LTRO repayment. The central bank gave lenders the option to return the money early when it conducted the repo operations. Repayments will be held weekly on the last business day starting January 30...

Dollar, Risk Trends Steady Despite House Debt Approval

The fundamental tide continues to grow, yet speculative trends refuse to be driven from their stubborn state of stasis. That is a burden for the US dollar which still plays a dominate role in the FX market as a safe haven and reserve currency...

Dollar Climbs to a Six-Month High, EUR/USD Soon to Break

On one hand, the S&P 500 - a benchmark for risk appetite trends - closed this past week at its highest level in five years. On the other, we have the Dow Jones FXCM Dollar Index (ticker = USDollar) - the world's reserve currency and thereby a primary safe haven - closing Friday at its highest level in six months...


US Dollar Strengthens on Europe and BOJ Meeting

A resurfacing of US debt ceiling concerns on Monday saw a sharp fall in the S&P500 index, and a rally in the US Dollar as investors sought the safer asset...

Dollar Primed for Breakout after EUR/USD Retreats from 1.3400

The dollar has put in for a few particularly interesting moves over the past 24 hours. Yesterday, the greenback extended its advance against the euro to more permanently shift EURUSD off multi-month highs at 1.3400, while GBPUSD closed below 1.6000 for the first time in eight weeks...

US Dollar Under Fire as S&P 500 Hits Four-Month High

Prices turned lower from resistance at the top of a rising channel set from mid-September, taking out near-term support at smaller channel bottom to expose the 50% Fibonacci retracement at 10038. A further push below that aims for the 61.8% level at 10009...

  


Share: