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US Dollar Sets Sights on Yearly High as Rally Gains Momentum

US Dollar Sets Sights on Yearly High as Rally Gains Momentum

2011-12-14 05:53:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe US Dollar broke above another technical resistance level, with the greenback now aiming to return to its year-to-date high amid continued risk aversion.

S&P 500 – Unchanged from yesterday: “Prices put in a Bearish Engulfing candlestick pattern below rising trend support-turned-resistance in place since mid-October, hinting a reversal lower is ahead. Initial support lines up at 1225.71, the 23.6% Fibonacci extension level, with a break lower exposing the 38.2% barrier at 1184.14.” Trend line resistance is now at 1280.30.

US_Dollar_Sets_Sights_on_Yearly_High_as_Rally_Gains_Momentum_body_Picture_5.png, US Dollar Sets Sights on Yearly High as Rally Gains Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Unchanged from yesterday: “Prices are testing rising trend line support set from late October, with a break lower exposing 94.58. Near-term resistance is found at 101.80, but only a daily close above 103.35 negates the overall downside bias established by a Bearish Engulfing candlestick pattern completed on November 17.”

US_Dollar_Sets_Sights_on_Yearly_High_as_Rally_Gains_Momentum_body_Picture_6.png, US Dollar Sets Sights on Yearly High as Rally Gains Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing the lower boundary of a falling channel set from early November, with a bounce targeting support-turned-resistance at 1680.55. Support is reinforced at 1609.05. A break below this latter boundary exposes the May 2 high at 1576.05.

US_Dollar_Sets_Sights_on_Yearly_High_as_Rally_Gains_Momentum_body_Picture_7.png, US Dollar Sets Sights on Yearly High as Rally Gains Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices broke through the 23.6% Fibonacci extension at 9982, exposing the 38.2% Fib at 10075 and the year-to-date closing high at 10081. The 23.6% level has been recast as near-term support. Longer term, the measured target of a Head and Shoulders bottom completed in mid-November is 10237.

US_Dollar_Sets_Sights_on_Yearly_High_as_Rally_Gains_Momentum_body_Picture_8.png, US Dollar Sets Sights on Yearly High as Rally Gains Momentum

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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