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US Dollar Technical Setup Hints Recovery Ahead, S&P 500 Aims Lower

US Dollar Technical Setup Hints Recovery Ahead, S&P 500 Aims Lower

2012-01-25 03:56:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAYUS Dollar technical positioning suggests the currency may be preparing to stage a recovery while the S&P 500 backpedals from resistance.

S&P 500 – Prices followed a pair of Dojis with a Hanging Man candlestick below resistance at the top of a rising channel set from late December points to indecision and hints a move lower may be ahead. Initial support lines up at in the 1299.10-1293.30 region. Channel resistance is now at 1328.10.

US_Dollar_Technical_Setup_Hints_Recovery_Ahead_SP_500_Aims_Lower_body_Picture_5.png, US Dollar Technical Setup Hints Recovery Ahead, S&P 500 Aims Lower

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Positioning is broadly unchanged from yesterday: Prices continue to consolidate above support at 97.70, with the first layer of resistance still at 101.28. A break lower exposes resistance-turned-support at the top of a falling channel set from mid-November, now at 96.53. Alternatively, a push higher initially targets the mid-November high at 103.35.

US_Dollar_Technical_Setup_Hints_Recovery_Ahead_SP_500_Aims_Lower_body_Picture_6.png, US Dollar Technical Setup Hints Recovery Ahead, S&P 500 Aims Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Bearish Engulfing candlestick pattern below support-turned-resistance at 1677.05, hinting a move lower is ahead. Initial support stands at the bottom of a rising channel set from early January now at 1657.98, with a break below that exposing 1638.84.

US_Dollar_Technical_Setup_Hints_Recovery_Ahead_SP_500_Aims_Lower_body_Picture_7.png, US Dollar Technical Setup Hints Recovery Ahead, S&P 500 Aims Lower

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bullish Inverted Hammer candlestick above support at 9823, the former neckline of an inverted Head & Shoulders pattern, hinting a move higher is ahead. Initial resistance stands at 9895, the midline and top of a falling channel in place since mid-December, with a break above that exposing the channel top at 9981.

US_Dollar_Technical_Setup_Hints_Recovery_Ahead_SP_500_Aims_Lower_body_Picture_8.png, US Dollar Technical Setup Hints Recovery Ahead, S&P 500 Aims 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

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

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