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Talking Points: US Dollar Range-Bound Below November Swing Top S&P 500 Cautiously Probing Below Wedge Support Crude Oil Moves to Test Boundaries of Down Trend Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. ** US DOLLAR TECHNICAL ANALYSIS – Prices pulled back as expected, forming a bearish Dark Cloud Cover candlestick patter below resistance in the 10641-53 area marked by the November 12 high and the 23.6% Fibonacci expansion. Initial support is at 10589, the 23.6% Fib retracement, with a break below that targeting the 38.2% mark at 10589. Alternatively, a turn above 10653 aims for the 38.2% expansion at 10839.

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 attempting to turn lower, as expected. A break below Rising Wedge support (1808.40) exposes 1773.90, the 23.6% Fibonacci retracement. Resistance is at 1813.10, the November 29 high. A turn above that eyes Wedge resistance at 1824.70.

Daily Chart - Created Using FXCM Marketscope 2.0 GOLD TECHNICAL ANALYSIS – Prices are turning lower from resistance in the 1252.08-1256.18 area, marked by a falling trend line set from late October and the 23.6% Fibonacci retracement. Near-term support is at 1222.60, the 76.4% Fib expansion, with a break lower exposing the 100% mark at 1179.63. Alternatively, a turn above 1256.18 eyes the 38.2% retracement at 1276.35.

Daily Chart - Created Using FXCM Marketscope 2.0 CRUDE OIL TECHNICAL ANALYSIS– Prices are testing resistance at the top of a falling channel set from late August (93.63). A break higher initially exposes 95.36, followed by the 23.6% Fibonacci retracement at 96.57. Near-term support is at 91.74, the November 27 low. Pushing below that eyes a falling trend line at 91.53.

Daily Chart - Created Using FXCM Marketscope 2.0 --- Written by Ilya Spivak, Currency Strategist for DailyFX.com To receive Ilya's analysis directly via email, please SIGN UP HERE Contact and follow Ilya on Twitter: @IlyaSpivak
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