Crude Oil Bounce Tipped Ahead, SPX500 Stalling Before US Jobs Data

Talking Points:

  • Key US Dollar Resistance Marked by January 2014 Swing High
  • SP 500 Continues to Tread Water Before Key US Jobs Report
  • Gold Trend Favors Weakness, Crude Oil May Launch Rebound

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to extend yesterday’s dramatic upswing, touching the highest level in 12 months.A daily close above the 10749-56 area marked by the January 2014 high and the 123.6% Fibonacci expansion exposes the 138.2% level at 10777. Alternatively, a turn below the 100% Fib at 10703 clears the way for a test of the 76.4% expansion at 10657.

Crude Oil Bounce Tipped Ahead, SPX500 Stalling Before US Jobs Data

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.

SP 500 TECHNICAL ANALYSISPrices are stalling below the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support is in the 1985.30-91.40 area, marked by the July 24 high and the 50% level, with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively, a turn above 2006.80 targets channel floor support-turned-resistance at 2023.60, followed by the top of the index’s long-term uptrend and the 76.4% expansion at 2033.40.

Crude Oil Bounce Tipped Ahead, SPX500 Stalling Before US Jobs Data

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices appear vulnerable to continued weakness after breaking below a rising trend line set from December 2013. A break below the intersection of the 50% Fibonacci expansion and a falling channel floor at 1259.97 exposes the 61.8% level at 1251.38. Alternatively, a move above the 38.2% Fib at 1268.56 aims for the 23.6% expansion at 1279.19.

Crude Oil Bounce Tipped Ahead, SPX500 Stalling Before US Jobs Data

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern, hinting a rebound may be ahead. A break above the 14.6% Fibonacci retracement at 102.42 exposes the 23.6% level at 103.82. Alternatively, a move below the 99.91-100.15 area marked by the September 2 low and the 23.6% Fib expansion targets the 38.2% threshold at 97.77.

Crude Oil Bounce Tipped Ahead, SPX500 Stalling Before US Jobs Data

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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