Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

DailyFX Home / Technical Analysis / Articles / Cross-Market Technical Update

US Dollar Retreats as S&P 500 Hovers Below the 1600 Figure

By , Currency Strategist
12 April 2013 03:25 GMT

THE TAKEAWAY: The US Dollar is pulling back after a rejection at technical resistance while the S&P 500 is flirting with the psychologically significant 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices recoiled from resistance below the 23.6% Fibonacci expansion at 10547. Falling channel resistance-turned-support is at 10428, with a push beneath that eyeing the April 2 low at 10391. Alternatively, a reversal back above 10546 targets the 38.2% level at 10641.

Forex_US_Dollar_Retreats_as_SP_500_Hovers_Below_the_1600_Figure_body_Picture_5.png, US Dollar Retreats as S&P 500 Hovers Below the 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices pushed higher anew, taking out the 50% Fibonacci expansion at 1583.90 to expose the 61.8% level at 1594.50. A further push above that aims for the 76.4% level at 1607.70. The 1583.90 mark has been recast as support, with a reversal back beneath that eyeing the 38.2% Fib at 1573.30.

Forex_US_Dollar_Retreats_as_SP_500_Hovers_Below_the_1600_Figure_body_Picture_6.png, US Dollar Retreats as S&P 500 Hovers Below the 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from resistance at 1586.48, the 23.6% Fibonacci expansion, taking out support at 1565.69 marked by the 38.2% level. Sellers now aim to challenge the 50% Fib at 1458.89, with a drop below that eyeing the 61.8% expansion at 1532.09. Alternatively, a reversal back above 1565.69 exposes 1586.48 anew.

Forex_US_Dollar_Retreats_as_SP_500_Hovers_Below_the_1600_Figure_body_Picture_7.png, US Dollar Retreats as S&P 500 Hovers Below the 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern below resistance at the underside of a previously broken rising trend line set from the March 4 low, hinting a move lower is ahead. Near-term support is at 93.44, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 92.61. A move back above the April 10 high at 94.79 eyes the trend line (now at 95.24) anew.

Forex_US_Dollar_Retreats_as_SP_500_Hovers_Below_the_1600_Figure_body_Picture_8.png, US Dollar Retreats as S&P 500 Hovers Below the 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download historical data here.

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

12 April 2013 03:25 GMT