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US Dollar Rebound May Get Added Push from S&P 500 Weakness

US Dollar Rebound May Get Added Push from S&P 500 Weakness

2011-10-31 04:29:00
Ilya Spivak, Sr. Currency Strategist

THE TAKEAWAYThe safe-haven US Dollar’s sharp recovery after Japan’s intervention into USDJPY may get an added push as the S&P 500 technical setup points to a pullback ahead.

S&P 500 – Prices put in a Hanging Man candlestick pattern below resistance at 1292.87, the 76.4% Fibonacci retracement level, hinting a move lower is ahead. Initial support lines up at 1252.21, the 61.8% Fib. Alternatively, a breakout higher initially exposes 1326.60.

US_Dollar_Rebound_May_Get_Added_Push_from_SP_500_Weakness_body_Picture_5.png, US Dollar Rebound May Get Added Push from S&P 500 Weakness

CRUDE OIL Similar to the S&P 500, prices formed a Hanging Man candlestick below resistance at $94.87, the 50% Fibonacci retracement barrier. A selloff from here sees initial support at $90.17, the 38.2% Fib, with a break below that exposing $85.33 and $79.62.

US_Dollar_Rebound_May_Get_Added_Push_from_SP_500_Weakness_body_Picture_6.png, US Dollar Rebound May Get Added Push from S&P 500 Weakness

GOLD Prices put in a Doji candlestick below support-turned-resistance at $1745.15, with a subsequent decline on pace to complete a bearish Evening Star pattern. Initial support stands at the $1700 figure, the now familiar range top established in late September, with a break below that exposing the 23.6% Fibonacci extension at $1660.81.

US_Dollar_Rebound_May_Get_Added_Push_from_SP_500_Weakness_body_Picture_7.png, US Dollar Rebound May Get Added Push from S&P 500 Weakness

US DOLLAR Prices jumped higher after Japan intervened into the USDJPY exchange rate, driving the greenback broadly higher. Initial resistance lines up at 9707, the 38.2% Fibonacci retracement, with a break higher exposing the 50% level at 9789.

US_Dollar_Rebound_May_Get_Added_Push_from_SP_500_Weakness_body_Picture_8.png, US Dollar Rebound May Get Added Push from S&P 500 Weakness

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

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