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S&P 500 Probes Higher as US Dollar Sinks Back to Range Support

S&P 500 Probes Higher as US Dollar Sinks Back to Range Support

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 is back on the offensive with prices pushing through near-term resistance while the US Dollar has slumped back to last week’s range support.

S&P 500 – Prices are testing above support-turned-resistance at a falling trend line set from mid-April, with a break higher exposing barriers at 1357.40 and 1392.10. The trend line is now at 1330.50 and would be recast as support in a breakout scenario. The 1265.30-1292.90 remains as the first significant hurdle to the downside in the meantime.

SP_500_Probes_Higher_as_US_Dollar_Sinks_Back_to_Range_Support_body_Picture_5.png, S&P 500 Probes Higher as US Dollar Sinks Back to Range Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are consolidating between the June 7 high at 87.00 and the 14.6% Fibonacci expansion at 83.30. A break above resistance exposes the 90.00 figure. Alternatively, a push through support targets the 23.6% Fib at 81.07.

SP_500_Probes_Higher_as_US_Dollar_Sinks_Back_to_Range_Support_body_Picture_6.png, S&P 500 Probes Higher as US Dollar Sinks Back to Range Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are probing above resistance at 1599.17, the 50% Fibonacci retracement, after carving out a Hammer candlestick above support at 1582.10 marked by the 38.2% level. A break higher sees the next significant barrier at 1616.23, the 61.8% Fib.

SP_500_Probes_Higher_as_US_Dollar_Sinks_Back_to_Range_Support_body_Picture_7.png, S&P 500 Probes Higher as US Dollar Sinks Back to Range Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are once again testing support in the 10134-43 area, with a break lower opening the door for a challenge of the 38.2% Fibonacci expansion at 10066. Near-term resistance lines up at 10220, the 61.8% Fib.

SP_500_Probes_Higher_as_US_Dollar_Sinks_Back_to_Range_Support_body_Picture_8.png, S&P 500 Probes Higher as US Dollar Sinks Back to Range 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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