Forex: US Dollar Locked in Narrow Range Before US Jobs Data
Talking Points:
- US Dollar Locked in Familiar Range Before NFP Data
- S&P 500 Continues to Sink Having Topped as Expected
- Gold Technical Positioning Hints at a Rebound Ahead
US DOLLAR TECHNICAL ANALYSIS – Prices continue to consolidate below resistance in the 10641-53 area marked by the November 12 high and the 23.6% Fibonacci expansion. Near-term support is at 10595, the 23.6% Fib retracement, with a break below that exposing the 38.2% level at 10549. Alternatively, a reversal above resistance initially aims for the 38.2% expansion at 10839.
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S&P 500 TECHNICAL ANALYSIS – Prices broke lower as expected, completing a Rising Wedge chart formation. A break below the 14.6% Fibonacci retracement at 1788.80 has exposed the 23.6% level at 1773.90. Pushing further below this barrier targets the 38.2% Fib at 1749.60. Alternatively, a reversal back above 1788.80 eyes the November 29 high at 1813.10.
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GOLD TECHNICAL ANALYSIS – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Resistance is in the 1237.57-51.54 area, marked by the 23.6% Fibonacci retracement and the October 15 low. A break above that initially targets the 38.2% level at 1268.98. Near-term support is at 1211.67, the December 4 low.
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CRUDE OIL TECHNICAL ANALYSIS– Prices continued higher as expected after breaking resistance at the top of a falling channel set from late August. A Shooting Star candle below resistance at 98.02, the 23.6% Fibonacci expansion, now warns of a pullback. Near-term support is at 95.36, with a break below that targeting channel top resistance-turned-support at 92.52. Alternatively, a push through resistance aims for the 38.2% Fib at 101.90.
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