News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
US Dollar May Pull Back After Prices Set New Yearly High

US Dollar May Pull Back After Prices Set New Yearly High

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has scope for a corrective pullback after prices hit a new 2012 high yesterday, which may produce a short-term recovery in the S&P 500.

S&P 500 – Prices took out support at 1331.50, the 123.6% Fibonacci expansion, to challenge the 138.2% level at 1322.00. A break below this boundary exposes the 150% Fib at 1313.90. The 1331.50 level has been recast as near-term resistance, with a push back above that exposing 1347.60.

US_Dollar_May_Pull_Back_After_Prices_Set_New_Yearly_High_body_Picture_5.png, US Dollar May Pull Back After Prices Set New Yearly High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a Spinning Top candlestick above support at 92.51, the December 16 low, hinting a bounce may be ahead. Initial resistance lines up at 95.41, the February 2 session low. Alternatively, renewed selling through support exposes 90.49.

US_Dollar_May_Pull_Back_After_Prices_Set_New_Yearly_High_body_Picture_6.png, US Dollar May Pull Back After Prices Set New Yearly High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Spinning Top candlestick above support in the 1532.45-1522.50 area, marked by the September 26 and December 29 spike lows, hinting a bounce may be ahead. Initial resistance lines up at 1561.03, the 23.6% Fibonacci retracement. Alternatively, a push through support exposes the 1500/oz figure.

US_Dollar_May_Pull_Back_After_Prices_Set_New_Yearly_High_body_Picture_7.png, US Dollar May Pull Back After Prices Set New Yearly High

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are taking a step backward after taking out resistance at 10097, the March 15 swing high. Near-term resistance is at 10140, the 76.4% Fibonacci expansion. A break back below this barrier, now reinforced by the 61.8% expansion at 10079, followed by the April 5 high at 10047.

US_Dollar_May_Pull_Back_After_Prices_Set_New_Yearly_High_body_Picture_8.png, US Dollar May Pull Back After Prices Set New Yearly High

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.

DISCLOSURES