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US Dollar Recovery Hinted Ahead as S&P 500 Turns Lower

US Dollar Recovery Hinted Ahead as S&P 500 Turns Lower

2012-01-05 08:44:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAYUS Dollar and S&P 500 technical positioning hints the safe-haven currency may be preparing to stage a recovery amid renewed risk aversion.

S&P 500 – Prices put in a bearish Hanging Man candlestick below resistance at 1292.90, the October 27 high, hinting a move lower is ahead. Initial support stands at 1265.30, with a break below that targeting a rising trend line now at 1237.40.

US_Dollar_Recovery_Hinted_Ahead_as_SP_500_Turns_Lower_body_Picture_5.png, US Dollar Recovery Hinted Ahead as S&P 500 Turns Lower

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a bearish Hanging Man candlestick below resistance at 103.35, the November 17 high, warning a double top may be in the works. Near-term support lines up at 101.28. Alternatively, a break higher exposes 106.05.

US_Dollar_Recovery_Hinted_Ahead_as_SP_500_Turns_Lower_body_Picture_6.png, US Dollar Recovery Hinted Ahead as S&P 500 Turns Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing support-turned-resistance at the bottom of a falling channel set from early November, with a break above this boundary exposing 1677.05. However, a candle in Star position hints a reversal lower may be brewing, although confirmation is absent for now. Near-term support lines up at 1574.72.

US_Dollar_Recovery_Hinted_Ahead_as_SP_500_Turns_Lower_body_Picture_7.png, US Dollar Recovery Hinted Ahead as S&P 500 Turns Lower

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bullish Inverted Hammer candlestick above support at 9823 – a former Head & Shoulders bottom neckline – hinting an upswing may be ahead. The greenback is now probing above near-term support at 9897, with a daily close above this level initially exposing 9993.

US_Dollar_Recovery_Hinted_Ahead_as_SP_500_Turns_Lower_body_Picture_8.png, US Dollar Recovery Hinted Ahead as S&P 500 Turns Lower

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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