USD INDEX
The gentle move lower picked up steam today as sellers maintained control with the 3rd consecutive day of lower lows on the way to support being established at 98.94. While sellers aim below 98.00 buyers will look up at the 99.93 resistance level. The big picture technicals are conflicting with the EMAs showing an uptrend, although price action remains contained within a sideways range between 99 and 100. USD sentiment remains negative with the major currency pairs all strengthening against the U$.
S&P 500
Following a day of limited activity, sellers won out adding a 2nd consecutive red candlestick on the daily chart. Resistance sits at 5676 with support at 5607. While the uptrend remains intact, buyers will aim to retest 5729 resistance in order for the uptrend to gain momentum. Sellers will look below the 5600 level as a first step in reversing the trend.
GOLD
Buyers continued the strong bounce up for a 2nd consecutive day with a record close price of $3435. Next target on the upside is the record high at $3500. Todays push was enough to reestablish the uptrend as the EMAs crossed to the upside. The influencing factors for a retracement remain profit taking and an overbought RSI reading of 76. Clearly the commodities safe haven status ensures demand will attract buyers on two fronts - dips offering lower prices as well as resistance levels being broken.
BRENT OIL
Buyers picked up from yesterdays bounce up and went onto establish resistance at $62.85. Note this is the 3rd test of this area over the past 4 trading days. Todays push was enough for the EMA s to cross over to the upside on the daily chart. Buyers will now be aiming above $63 with an RSI reading of 40 allowing for plenty room on the upside. With support at $60.10 sellers will aim below $60 to add to overall big picture downtrend.
BITCOIN
Buyers put in a strong push higher adding to the uptrend. With support at $93.3K and resistance established at $97.3K todays $4K range added to the momentum and bias with $98K clearly in view. Note the ascending trendline held up as buyers bounced up off the support/trendline for the 2nd day. As long as the sentiment remains positive it seems a test of the $100K level may be next.
