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US Dollar Technical Positioning Hints Recovery May Be Ahead

US Dollar Technical Positioning Hints Recovery May Be Ahead

2012-01-31 02:02:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAYUS Dollar technical positioning hints a recovery may be ahead. The S&P 500 is testing key support while gold prices are signaling a turn lower.

S&P 500 – Prices are testing the underside of a rising channel set from late December now at 1312.20, with a break lower initially exposing 23.6% Fibonacci support at 1302.90. Channel top resistance is now at 1339.90.

US_Dollar_Technical_Positioning_Hints_Recovery_May_Be_Ahead_body_Picture_5.png, US Dollar Technical Positioning Hints Recovery May Be Ahead

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL 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 95.98. Alternatively, a push higher initially targets the mid-November high at 103.35.

US_Dollar_Technical_Positioning_Hints_Recovery_May_Be_Ahead_body_Picture_6.png, US Dollar Technical Positioning Hints Recovery May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a bearish Harami candlestick pattern below resistance at 1746.10, hinting a move lower is ahead. Initial resistance-turned-support stands at 1707.00, the top of a rising channel set from early January. Alternatively, a break higher exposes 1802.80, the November 8 swing high.

US_Dollar_Technical_Positioning_Hints_Recovery_May_Be_Ahead_body_Picture_7.png, US Dollar Technical Positioning Hints Recovery May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in an Inverted Hammer candlestick above support at 9759, the 50% Fibonacci retracement level, hinting an upswing is ahead. Initial resistance stands at 9833, the 38.2% Fib. Alternatively, renewed selling targets the 61.8% level at 9684.

US_Dollar_Technical_Positioning_Hints_Recovery_May_Be_Ahead_body_Picture_8.png, US Dollar Technical Positioning Hints Recovery May Be Ahead

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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