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US Dollar, S&P 500 Stall at Familiar Levels Before Key EU Summit

US Dollar, S&P 500 Stall at Familiar Levels Before Key EU Summit

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and S&P 500 are trading around familiar ranges as financial markets wait for the outcome of the EU leaders’ summit for direction cues.

S&P 500 – Prices are retesting resistance in the 1334.40-1341.90 area after bouncing from support above 1305.90, the 38.2% Fibonacci expansion. A break higher exposes 1363.90. Alternatively, a turn through support targets the 1300 figure followed by the 50% Fib at 1288.10.

US_Dollar_SP_500_Stall_at_Familiar_Levels_Before_Key_EU_Summit_body_Picture_5.png, US Dollar, S&P 500 Stall at Familiar Levels Before Key EU Summit

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_SP_500_Stall_at_Familiar_Levels_Before_Key_EU_Summit_body_Picture_6.png, US Dollar, S&P 500 Stall at Familiar Levels Before Key EU Summit

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to test support at a rising trend line support set from the mid-May swing low, a barrier is reinforced by the 50% at 1568.46. A break lower here exposes the 61.8% level at 1551.50. Near-term resistance lines up at 1585.42, the 38.2%Fibonacci expansion, with a push above that targeting the 1600/oz figure.

US_Dollar_SP_500_Stall_at_Familiar_Levels_Before_Key_EU_Summit_body_Picture_7.png, US Dollar, S&P 500 Stall at Familiar Levels Before Key EU Summit

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are treading water between resistance at 10172, the 14.6% Fibonacci expansion, and the October 4 2011 high at 10134. A push through support targets 10084. Alternatively, a reversal upward above resistance exposes the 23.6% expansion at 10261.

US_Dollar_SP_500_Stall_at_Familiar_Levels_Before_Key_EU_Summit_body_Picture_8.png, US Dollar, S&P 500 Stall at Familiar Levels Before Key EU Summit

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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