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US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar technical positioning hints the pullback over the past two weeks may have run its course while the S&P 500 is bouncing from multi-month support.

S&P 500 – Prices are rebounding from support at 1359.80 marked by the 23.6% Fibonacci retracement of the rally from mid-November and a rising trend line set from the early October swing bottom. Near-term resistance lines up at 1392.10, the former neckline of a Head and Shoulders topping pattern. A break higher initially targets the 1400 figure. Alternatively, a piercing below support exposes the 38.2% Fib at 1319.50.

US_Dollar_Rally_May_Be_Ready_to_Resume_SP_500_Finds_Interim_Support_body_Picture_5.png, US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

US_Dollar_Rally_May_Be_Ready_to_Resume_SP_500_Finds_Interim_Support_body_Picture_6.png, US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

Weekly Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing resistance at 104.90 after putting in a Bullish Engulfing candlestick above rising trend line support set from mid-December. A break above this level exposes falling trend line barriers at 105.61 and 106.70. Support is now at 101.22.

US_Dollar_Rally_May_Be_Ready_to_Resume_SP_500_Finds_Interim_Support_body_Picture_7.png, US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Bearish Engulfing candlestick pattern below falling trend line resistance set from early March. Initial support has been found at 1638.02, the 23.6% Fibonacci expansion. A break below this exposes the 38.2% level at 1612.02. Trend line resistance is now at 1670.97.

US_Dollar_Rally_May_Be_Ready_to_Resume_SP_500_Finds_Interim_Support_body_Picture_8.png, US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bullish Piercing Line candlestick pattern above rising trend line support set from early February, hinting a move higher is ahead. Initial resistance stands at 9996, the 50% Fibonacci expansion level. Trend line support is now at 9918.

US_Dollar_Rally_May_Be_Ready_to_Resume_SP_500_Finds_Interim_Support_body_Picture_9.png, US Dollar Rally May Be Ready to Resume, S&P 500 Finds Interim Support

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 Ilya 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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