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US Dollar Holds Support as S&P 500 Signals Weakness Ahead

US Dollar Holds Support as S&P 500 Signals Weakness Ahead

2012-06-12 02:33:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar has deflected another attempt to push prices past key support while S&P 500 technical positioning warns of renewed weakness ahead.

S&P 500 – Prices put in a Bearish Engulfing candlestick pattern below support-turned-resistance at a falling trend line set from mid-April, hinting a move lower is ahead. Initial support lines up at 1292.90, with a break below that exposing 1265.30. Trend line resistance is now at 1328.90, with a break above that targeting upside barriers at 1357.40 and 1392.10.

US_Dollar_Holds_Support_as_SP_500_Signals_Weakness_Ahead_body_Picture_5.png, US Dollar Holds Support as S&P 500 Signals Weakness Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices took out support at 83.30 the 14.6% Fibonacci expansion, to challenge the 23.6% barrier at 81.07. A break beneath this boundary targets the 80.00 figure and the 38.2% Fib at 77.33. The 14.6% expansion has been recast as near-term resistance.

US_Dollar_Holds_Support_as_SP_500_Signals_Weakness_Ahead_body_Picture_6.png, US Dollar Holds Support as S&P 500 Signals Weakness Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices remain wedged between 1599.17 and 1582.10, the 50% and 38.2% Fibonacci retracement levels, respectively. A break higher exposes the 61.8% Fib at 1616.23, a barrier reinforced by a falling trend line in place since early March. Alternatively, a push downward through support targets 1554.73, followed by the 1522.50-1532.45 area.

US_Dollar_Holds_Support_as_SP_500_Signals_Weakness_Ahead_body_Picture_7.png, US Dollar Holds Support as S&P 500 Signals Weakness Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices continue to look for direction above support in the 10134-43 area. A break lower opens the door for a challenge of the 38.2% Fibonacci expansion at 10066. Near-term resistance lines up at 10220, the 61.8% Fib, with a breach higher targeting the 76.4% boundary at 10316.

US_Dollar_Holds_Support_as_SP_500_Signals_Weakness_Ahead_body_Picture_8.png, US Dollar Holds Support as S&P 500 Signals Weakness Ahead

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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