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Dollar Launches Recovery as S&P 500 Probes Back Below 1400 Figure

Dollar Launches Recovery as S&P 500 Probes Back Below 1400 Figure

2012-08-10 04:00:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar is attempting to launch a recovery after testing trend-defining trend line support while the S&P 500 takes a step back below the 1400 figure.

S&P 500 – Prices are correcting lower after taking out resistance at 1392.10 and clearing the 1400 figure. The 1392.10 level has been recast as near-term support, with a break below that exposing a falling trend line established from the March 27 high (now at 1385.60). Alternatively, a return to upside momentum aims to take prices to challenge the top of a rising channel set from early June, now at 1417.00.

Dollar_Launches_Recovery_as_SP_500_Probes_Back_Below_1400_Figure_body_Picture_5.png, Dollar Launches Recovery as S&P 500 Probes Back Below 1400 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are recoiling from resistance in the 93.21-90 area marked by the July 19 high and the 50% Fibonacci retracement, with sellers aiming to challenge support stands at the psychologically significant 90.00 figure. This barrier is reinforced by the 38.2% retracement at 89.87, with a push below that targets a rising trend line now at 88.01. Alternatively, a reversal through resistance initially targets the 61.8% Fib at 97.82.

Dollar_Launches_Recovery_as_SP_500_Probes_Back_Below_1400_Figure_body_Picture_6.png, Dollar Launches Recovery as S&P 500 Probes Back Below 1400 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are edging lower from resistance in the 1620.45-35.70 congestion area aiming to test support at a rising trend line support set from late June, now at 1591.81. A break below this boundary exposes a longer-term trend line established from the May 16 bottom currently at 1573.49.

Dollar_Launches_Recovery_as_SP_500_Probes_Back_Below_1400_Figure_body_Picture_7.png, Dollar Launches Recovery as S&P 500 Probes Back Below 1400 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are rebounding from support at a major rising trend line established from late July 2011, a barrier reinforced by the 76.4% Fibonacci expansion (9995) and the bottom of a falling channel set from early June (9971). Near-term resistance is at 10038, the 61.8% Fib, with a push above that targeting the channelmidline (now at 10073). Alternatively, a breach of support exposes the 100% expansion at 9925.

Dollar_Launches_Recovery_as_SP_500_Probes_Back_Below_1400_Figure_body_Picture_8.png, Dollar Launches Recovery as S&P 500 Probes Back Below 1400 Figure

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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