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US Dollar Sinks to Range Support as S&P 500 Retests Breakout Barrier

US Dollar Sinks to Range Support as S&P 500 Retests Breakout Barrier

2012-07-27 08:46:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The S&P 500 has recovered to retest the boundaries of this week’s downside breakout, pushing the US Dollar back to five-week range support.

S&P 500 – Prices are retesting support-turned-resistance at 1363.90, a multi-month pivot reinforced by the underside of a previously broken Rising Wedge pattern set from early June. A break higher exposes 1380.60 and 1392.10. Near-term support lines up in the 1334.40-41.90 area.

US_Dollar_Sinks_to_Range_Support_as_SP_500_Retests_Breakout_Barrier_body_Picture_5.png, US Dollar Sinks to Range Support as S&P 500 Retests Breakout Barrier

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are edging higher from support in the 87.65-88.32 area, marked by the July 3 closing high and the 14.6% Fibonacci expansion, to test the 90.00 figure. A break higher from here exposes the July 19 high at 93.21. Alternatively, a break lower exposes the 23.6% level at 85.37.

US_Dollar_Sinks_to_Range_Support_as_SP_500_Retests_Breakout_Barrier_body_Picture_6.png, US Dollar Sinks to Range Support as S&P 500 Retests Breakout Barrier

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing resistance in the 1615.65-35.70 area after taking out falling trend line resistance set from late March, with a break higher initially exposing 1671.49. The trend line, now squarely at the 1600/oz figure, has been recast as near-term support.

US_Dollar_Sinks_to_Range_Support_as_SP_500_Retests_Breakout_Barrier_body_Picture_7.png, US Dollar Sinks to Range Support as S&P 500 Retests Breakout Barrier

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing familiar support at 10032, with a break lower exposing a major rising trend line set from August 2011 now at 9971. Near-term resistance lines up at 10067, with a break above that targeting the 10145-74 area.

US_Dollar_Sinks_to_Range_Support_as_SP_500_Retests_Breakout_Barrier_body_Picture_8.png, US Dollar Sinks to Range Support as S&P 500 Retests Breakout Barrier

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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