TechnoMeter

US DOLLAR TECHNICAL ANALYSIS – Prices paused to consolidate after producing the largest daily rally in five weeks. Near-term resistance is at 11511, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11565. Alternatively, a reversal below the 38.2% Fib at 11457 clears the way for a test of the 23.6% expansion at 11391.



S&P 500 TECHNICAL ANALYSIS – Prices began to turn lower as expected. A drop below the 2041.50-49.10 area marked by the 14.6% Fibonacci retracement and the December 1 low exposes the 2018.10-22.10 zone (23.6% level, September 19 high). Alternatively, a move above the 2075.90-86.60 region (November 26 high, 14.6% Fib expansion) targets the 23.6% expansion at 2109.80.



GOLD TECHNICAL ANALYSIS – Prices met resistance at a falling trend line set from early July. A break below the 14.6% Fibonacci expansion at 1189.74 exposes the 23.6% level at 1170.39. Alternatively, a daily close above the trend line (now at 1213.04) targets the December 1 high at 1221.13.



CRUDE OIL TECHNICAL ANALYSIS – Prices are testing below support at 65.96, the 50% Fibonacci expansion. A daily close below this barrier exposes the 61.8% level at 64.30. Alternatively, a move above the 38.2% Fib at 67.63 targets the 23.6% expansion at 69.68.



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


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