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US Dollar Hits Two-Month High as S&P 500 Probes Lower

US Dollar Hits Two-Month High as S&P 500 Probes Lower

2012-05-14 04:00:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar hit the highest level in two months while the S&P 500 grinds lower though technical support levels. Crude oil and gold are on the defensive.

S&P 500 – Prices are testing through support in the 1339.40-1347.40 area, marked by the 100% Fibonacci expansion and the 38.2% retracement of the rally from the December 19 swing low. A break below this barrier on a daily closing basis exposes the 50% retracement at 1313.00. Near-term resistance is at 1363.50, the 76.4% expansion.

US_Dollar_Hits_Two-Month_High_as_SP_500_Probes_Lower_body_Picture_5.png, US Dollar Hits Two-Month High as S&P 500 Probes Lower

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing through support at 95.41, with a confirmed break exposing the December 16 low at 92.51. Near-term resistance lines up at 96.57, the 100% Fibonacci expansion level. A break above this barrier exposes the 76.4% Fib at 98.87.

US_Dollar_Hits_Two-Month_High_as_SP_500_Probes_Lower_body_Picture_6.png, US Dollar Hits Two-Month High as S&P 500 Probes Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing through support at 1570.22, the 61.8% Fibonacci expansion level, with a break below that exposing the measured target implied by the Triangle pattern carved out since late March at 1548.21. For the time being, initial resistance is marked by the 50% Fib at 1591.15.

US_Dollar_Hits_Two-Month_High_as_SP_500_Probes_Lower_body_Picture_7.png, US Dollar Hits Two-Month High as S&P 500 Probes Lower

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are resting resistance at 10047, the April 5 swing high, with a break above that on a daily closing basis targeting the March 15 top at 10097. Near-term support stands is seen at a falling trend line previously acting as resistance, now at 9957.

US_Dollar_Hits_Two-Month_High_as_SP_500_Probes_Lower_body_Picture_8.png, US Dollar Hits Two-Month High as S&P 500 Probes 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 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

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