Crude Oil Rebound Stalls, US Dollar Struggles To Build
Dailyfx | Jul 22, 2014 05:49AM ET
US Dollar Struggling to Breach Familiar Resistance
Prices are struggling to build upward having reversed higher as expected after producing a Bullish Engulfing candle pattern. Buyers are testing resistance in the 10442-56 area, marked by the July 3 high and the 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 38.2% level at 10513. Alternatively, a below rising trend line support at 10426 targets the July 9 low at 10392, followed by a triple bottom in the 10354-75 area.
S&P 500 Inching Lower After Topping Sub-2000.00
Prices are begrudgingly inching lower as expected after putting in a bearish Evening Star candlestick pattern. A daily close below support at the bottom of a rising channel set from mid-April – now at 1958.50 – exposes the 38.2% Fibonacci retracement at 1938.50. Alternatively, a reversal above the 23.6% Fib expansion at 1977.70 opens the door for a challenge of the July 3 high at 1985.90, followed by the 38.2% level at 1995.80.
Gold
Prices have mounted a corrective recovery after turning downward as expected. A break above the 23.6% Fibonacci retracement at 1320.34 on a daily closing basis initially exposes the 14.6% level at 1329.78. Alternatively, a move below the 38.2% level at 1305.3 opens the door for a test of the 50% Fib at 1292.66.
Get The News You Want
Crude Oil Rebound Stalls Below $104/Barrel Level
A rapid recovery has stalled below the $104/barrel figure. A break below support at 102.65, the 14.6% Fibonacci expansion, on daily closing basis exposes the 23.6% level at 101.87. Near-term resistance is at 103.91, the July 18 high.
Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.