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US Dollar Breaks Out of August Range as S&P 500 Futures Sink

US Dollar Breaks Out of August Range as S&P 500 Futures Sink

2011-09-06 05:28:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe US Dollar broke higher out of the range that confined prices through August as S&P 500 futures declined, stocking safe-haven demand.

S&P 500 – Prices took out support at 1166.31 – the 23.6% Fibonacci extension level, to challenge the bottom of a Flag chart formation carved out since early August. The setup is indicative of continuation, which in this case argues for a bearish scenario. Support is reinforced by the proximity of the 38.2% Fib at 1126.70, with a break below the latter junction exposing 1094.68. The 23.6% extension has been recast as near-term resistance.

US_Dollar_Breaks_Out_of_August_Range_as_SP_500_Futures_Sink_body_Picture_5.png, US Dollar Breaks Out of August Range as S&P 500 Futures Sink

CRUDE OIL Prices broke support at a rising trend line connecting major lows since August 9 and slipped beneath the 23.6% Fibonacci extension level at $83.92. The bears now target the 38.2% Fib at $80.28. The 23.6% extension along with the rising trend line (now at $85.22) mark near-term resistance.

US_Dollar_Breaks_Out_of_August_Range_as_SP_500_Futures_Sink_body_Picture_6.png, US Dollar Breaks Out of August Range as S&P 500 Futures Sink

GOLD Prices are approaching key resistance at $1912.05, the August 23 wick high. The barrier is reinforced by the 76.4% Fibonacci extension at $1909.75. A break above these levels exposes the measured Fibonacci extension target at $1973.79. The 61.8% level at 1870.14 lines up as near-term support.

US_Dollar_Breaks_Out_of_August_Range_as_SP_500_Futures_Sink_body_Picture_7.png, US Dollar Breaks Out of August Range as S&P 500 Futures Sink

US DOLLAR Prices broke out of the range carved out since early August, taking out the 38.2% Fibonacci retracement at 9544. The bulls now aim to challenge the 23.6% level at 9596 before moving to threaten key falling trend line resistance connecting major swing tops since late May (now at 9650). The 38.2% level has been recast as near-term support.

US_Dollar_Breaks_Out_of_August_Range_as_SP_500_Futures_Sink_body_Picture_8.png, US Dollar Breaks Out of August Range as S&P 500 Futures Sink

Created Using FXCM Marketscope 2.0

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