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Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Dollar Poised to Continue Higher as S&P 500 Completes Double Top

2012-07-25 02:55:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar appears poised to continue building higher on the back of haven demand after the S&P 500 completed a major topping chart pattern.

S&P 500 – Prices appear to have confirmed the formation of a major double top at 1380.60, the July 5 high, with a break through the critical 1334.40-41.90 area. Near-term downside targets are marked by swing lows at 1308.90 and 1290.10, but a Rising Wedge pattern carved out since the beginning of June implies a measured downside objective at 1285.50.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_5.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing support in the 87.65-88.32 area, marked by the July 3 closing high and the 14.6% Fibonacci expansion. A break downward initially exposes the 23.6% level at 85.37. Near-term resistance lines up at 93.21, the July 19 high.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_6.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to consolidate below resistance at 1588.90. A break higher exposes falling trend line resistance now at 1605.44. Near-term support lines up at 1574.53. A breach below that initially targets 1561.05, followed by the 1522.50-32.45 area.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_7.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices took out resistance at 10145, the 23.6% Fibonacci expansion, with buyers now aiming to challenge the 38.2% level at 10219. A break above this boundary targets the 50% expansion at 10278. The 10145 level has been recast as near-term support.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_8.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

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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