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US Dollar Edges Lower as the S&P 500 Finds Interim Support

US Dollar Edges Lower as the S&P 500 Finds Interim Support

2012-06-27 01:47:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar retreated from resistance as the S&P 500 staged a mild recovery but overall positioning hints these moves were corrective in the context of larger trends.

S&P 500 – Prices bounced from support above 1305.90, the 38.2% Fibonacci expansion, to retest support-turned-resistance at a falling trendset from early May (now at 1323.00). A break higher exposes the 1334.40-1341.90 area. Alternatively, a reversal back through support targets the 1300 figure followed by the 50% Fib at 1288.00.

US_Dollar_Edges_Lower_as_the_SP_500_Finds_Interim_Support_body_Picture_5.png, US Dollar Edges Lower as the S&P 500 Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices completed a bullish Piercing Line candlestick pattern above support at 77.34, the 38.2%Fibonacci expansion, hinting a bounce may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance lines up at 81.07, the 23.6% Fib, with a break higher exposing the June 7 high at the 87.00 figure. Alternatively, a push through support exposes the 50% Fib at 74.35.

US_Dollar_Edges_Lower_as_the_SP_500_Finds_Interim_Support_body_Picture_6.png, US Dollar Edges Lower as the S&P 500 Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices turned lower from resistance at 1585.42, the 38.2%Fibonacci expansion, to retest rising trend line support set from the mid-May swing low. This barrier is reinforced by the 50% at 1568.46. A break lower here exposes the 61.8% level at 1551.50. Alternatively, a push above resistance on a daily closing basis targets the 1600/oz figure.

US_Dollar_Edges_Lower_as_the_SP_500_Finds_Interim_Support_body_Picture_7.png, US Dollar Edges Lower as the S&P 500 Finds Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices turned lower from resistance at 10172, the 14.6% Fibonacci expansion. The first layer of major support lines up at 10081, the October 3 2011 closing high. Alternatively, a reversal upward through resistance exposes the 23.6% expansion at 10261.

US_Dollar_Edges_Lower_as_the_SP_500_Finds_Interim_Support_body_Picture_8.png, US Dollar Edges Lower as the S&P 500 Finds Interim 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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