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US Dollar Retreats as S&P 500 Chart Setup Calls for Upswing Ahead

US Dollar Retreats as S&P 500 Chart Setup Calls for Upswing Ahead

2011-10-05 10:48:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe safe-haven US Dollar has begun to pull back while the S&P 500 recovered, with technical positioning calling for a correction before further risk aversion.

S&P 500 – Prices put in a bullish Piercing Line candlestick pattern above support at 1092.02, the 50% Fibonacci extension level, hinting an upswing is ahead. Initial resistance stands at 1124.81, the 38.2% Fib. A break above this boundary exposes the 23.6% level at 1165.39.

US_Dollar_Retreats_as_SP_500_Chart_Setup_Calls_for_Upswing_Ahead_body_Picture_5.png, US Dollar Retreats as S&P 500 Chart Setup Calls for Upswing Ahead

CRUDE OIL Similarly to the S&P 500, prices put in a bullish Piercing Line candlestick pattern above support at 75.09, the 61.8% Fibonacci extension level. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance stands at 78.03, the 50% Fib, with a breakout higher targeting the 38.2% level at 80.97.

US_Dollar_Retreats_as_SP_500_Chart_Setup_Calls_for_Upswing_Ahead_body_Picture_6.png, US Dollar Retreats as S&P 500 Chart Setup Calls for Upswing Ahead

GOLD Prices are testing the lower boundary of their recent range at 1589.14, the 14.6% Fibonacci retracement level. A break below this level exposes the September 26 low at 1532.45. Near-term significant resistance stands at 1680.78, the 38.2% Fib.

US_Dollar_Retreats_as_SP_500_Chart_Setup_Calls_for_Upswing_Ahead_body_Picture_7.png, US Dollar Retreats as S&P 500 Chart Setup Calls for Upswing Ahead

US DOLLAR Prices put in a bearish Dark Cloud cover candlestick below resistance at 10139, the 50% Fibonacci extension level reinforced by the top of a rising channel set from late August. Negative RSI divergence bolsters the case for near-term weakness. Initial support stands at 9979, the 23.6% Fib, with a break below that targeting 9831.

US_Dollar_Retreats_as_SP_500_Chart_Setup_Calls_for_Upswing_Ahead_body_Picture_8.png, US Dollar Retreats as S&P 500 Chart Setup Calls for Upswing Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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