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US Dollar Clears First Layer of Resistance as S&P 500 Drift Continues

US Dollar Clears First Layer of Resistance as S&P 500 Drift Continues

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar cleared the first layer of resistance as prices rebound from long-term trend line support while the S&P 500 continues to drift toward key swing highs.

S&P 500 – Prices continue to drift toward the 1415.10-24.90 resistance region marked by the March and May swing tops. A push higher beyond that targets 1440.20, the May 20 2008 high. Initial support remains at 1392.10, with a break below that exposing a minor downside barrier at 1376.10 and a more significant one at 1363.90.

US_Dollar_Clears_First_Layer_of_Resistance_as_SP_500_Drift_Continues_body_Picture_5.png, US Dollar Clears First Layer of Resistance as S&P 500 Drift Continues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices took out resistance at 93.90, the 50% Fibonacci retracement, exposing the next upside barrier at 95.41 marked by the February 2 swing low. A breach of that boundary clears the way for a challenge of the 61.8% Fib at 97.82. The 93.90 has been recast support, with a reversal back below that aiming for 92.51.

US_Dollar_Clears_First_Layer_of_Resistance_as_SP_500_Drift_Continues_body_Picture_6.png, US Dollar Clears First Layer of Resistance as S&P 500 Drift Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to drift below resistance in the 1620.45-35.70 congestion area. Near-term support remains at a rising trend line support set from late June, now at 1597.07. A break below this boundary exposes a longer-term trend line established from the May 16 bottom, currently at 1576.43. Alternatively, a push above resistance initially targets 1677.79, the May 1 swing high.

US_Dollar_Clears_First_Layer_of_Resistance_as_SP_500_Drift_Continues_body_Picture_7.png, US Dollar Clears First Layer of Resistance as S&P 500 Drift Continues

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices edged though resistance at 10041, a former support level reinforced by a falling trend line set from the July 12 swing high. The bulls now aim to challenge the August 2 top at 10096, with a move beyond that targeting the 10139-69 congestion region. The 10041 level has been recast as support, with a dip back below that seeing long-term trend line support squarely at the 10000 figure.

US_Dollar_Clears_First_Layer_of_Resistance_as_SP_500_Drift_Continues_body_Picture_8.png, US Dollar Clears First Layer of Resistance as S&P 500 Drift Continues

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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