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Forex: Is the US Dollar Preparing to Resume its Uptrend?

January 26, 2014

Ilya Spivak

Talking Points: US Dollar May Be Preparing to Resume its Uptrend S&P 500 Eyes 14-Month Support After Sharp Selloff Crude Oil Chart Setup Hints at Reversal Lower Ahead US DOLLAR TECHNICAL ANALYSIS - Prices put in a bullish Piercing Line candlestick pattern above support in the 10653-61 area, marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break above initial resistance at 10718 - a horizontal pivot - targets the January high at 10756 and the channel top at 10776. Alternatively, reversing below support exposes the 38.2% Fib at 10602. S&P 500 TECHNICAL ANALYSIS - Prices are set to test support at 1773.30, marked by the 38.2% Fibonacci retracement and a rising trend line set from November 2012 . A break below this barrier initially exposes the 50% Fib at 1749.20. Near-term resistance lines up tin eh 1809.60-20.60 area. GOLD TECHNICAL ANALYSIS - Prices are testing above resistance at 1272.99, the 50% Fibonacci retracement level. A break higher on a daily closing basis exposes the 61.8% level at 1282.80. Near-term support is in the 1263.10-67.71 area, marked by a horizontal pivot and the 38.2% Fib. CRUDE OIL TECHNICAL ANALYSIS - Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Initial support is at 95.56, the 23.6% Fibonacci expansion, with a break below that eyeing the 38.2% level at 94.17. Near-term resistance is at 97.81, the January 23 swing high.

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Source: DailyFx

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