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US Dollar Recovery Likely to Continue as S&P 500 Hints Top Forming

US Dollar Recovery Likely to Continue as S&P 500 Hints Top Forming

2012-01-06 04:46:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAYThe US Dollar is likely to continue trending higher in the weeks ahead on safe-haven demand as S&P 500 technical positioning hints a top is being carved out.

S&P 500 – Prices continue to hint a double top is taking shape below 1292.90, the October 27 high, with a

bearish Hanging Man candlestick followed by a Long-Legged Doji to reinforce the likelihood that bullish momentum is fading. Initial support stands at 1265.30, with a break below that targeting a rising trend line now at 1240.40.

US_Dollar_Recovery_Likely_to_Continue_as_SP_500_Hints_Top_Forming_body_Picture_5.png, US Dollar Recovery Likely to Continue as S&P 500 Hints Top Forming

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices moved lower as expected having put in a bearish Hanging Man candlestick below resistance at 103.35, the November 17 high. Near-term support remains at 101.28, with a break below that exposing the 100.00 figure and 97.89. Alternatively, a reversal higher through immediate resistance clears the way for a push to 106.05.

US_Dollar_Recovery_Likely_to_Continue_as_SP_500_Hints_Top_Forming_body_Picture_6.png, US Dollar Recovery Likely to Continue as S&P 500 Hints Top Forming

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing resistance at 1629.57, the 38.2% Fibonacci retracement level, with a break higher exposing the 50% barrier at 1662.65. Near-term support lines up at 1575.64 at long-term rising trend line based from October 2008.

US_Dollar_Recovery_Likely_to_Continue_as_SP_500_Hints_Top_Forming_body_Picture_7.png, US Dollar Recovery Likely to Continue as S&P 500 Hints Top Forming

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices moved higher as we suspected after putting in a bullish Inverted Hammer candlestick above support at 9823, a former Head & Shoulders bottom neckline. Prices are now testing resistance at 9986, with a break above that aiming for the 2011 closing high at 10081. Minor near-term support is at 9927, followed by 9823.

US_Dollar_Recovery_Likely_to_Continue_as_SP_500_Hints_Top_Forming_body_Picture_8.png, US Dollar Recovery Likely to Continue as S&P 500 Hints Top Forming

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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