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 Rebounds to Challenge Key Resistance Once Again

US Dollar Rebounds to Challenge Key Resistance Once Again

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is staging an impressive recovery to once again challenge key resistance at the 2011 swing high. S&P 500 positioning warns of a deeper upswing.

S&P 500 – Prices put in a Bullish Engulfing candlestick and moved higher to challenge initial resistance at 1322.10, the 23.6% Fibonacci retracement. A break above this boundary exposes the 38.2% level at 1341.70. The May 21 low at 1290.30 marks near-term support.

US_Dollar_Rebounds_to_Challenge_Key_Resistance_Once_Again_body_Picture_5.png, US Dollar Rebounds to Challenge Key Resistance Once Again

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a Bullish Engulfing candlestick pattern above support at 90.49 and took out resistance at 92.51, a former support marked by the December 16 low. The bulls now aim to challenge the February 2 low at 95.41. The 92.51 level has been recast as near-term support.

US_Dollar_Rebounds_to_Challenge_Key_Resistance_Once_Again_body_Picture_6.png, US Dollar Rebounds to Challenge Key Resistance Once Again

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are probing lower after putting in a Doji candlestick below resistance marked by the 1600/oz figure as well as the 50% Fibonacci retracement level at 1599.17. A daily-close break below support at 1582.10, the 38.2% Fib, exposes the next downside objective at 1560.98.

US_Dollar_Rebounds_to_Challenge_Key_Resistance_Once_Again_body_Picture_7.png, US Dollar Rebounds to Challenge Key Resistance Once Again

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are recovering from support at 10078, the 61.8% Fibonacci expansion, to once again threaten resistance in the 10134-41 area marked by the 76.4% Fib and 2011 swing high. A break above this barrier exposes the 100% expansion level at 10241. Alternatively, a reversal through support exposes the 50% level at 10029.

US_Dollar_Rebounds_to_Challenge_Key_Resistance_Once_Again_body_Picture_8.png, US Dollar Rebounds to Challenge Key Resistance Once Again

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