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Dollar Trends Lower while Crude, Gold and S&P 500 Bid Higher

Dollar Trends Lower while Crude, Gold and S&P 500 Bid Higher

Gary Kerdus,

THE TAKEAWAY: Dollar broke below potential support while Crude, Gold and S&P 500 all broke above possible resistance.

S&P 500 – Prices have broken through potential resistance around the May 20, 2008 high and seemed to have stalled around the upper portion of the ascending parallel trend channel (grey line) around 1464.40. A break above the 1464.40 area may find resistance around the December 27, 2007 high at 1523.60. Alternatively, if prices trade lower from current levels then possible support near the 1440.20 level which was previous resistance may act as a future possible floor of support. The next areas of potential support appear around 1426.40 and 1396.90 areas.

Dollar_Trends_Lower_while_Crude_Gold_and_SP_500_Bid_Higher_body_Picture_8.png, Dollar Trends Lower while Crude, Gold and S&P 500 Bid Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke above both levels of potential resistance marked by the descending grey tredline and the highs of resistance (upper red line) and closed above. The next possible area where resistance could be found is around the 101.05 area which was once a level of support and could now serve as future resistance. However, if price begins to trade lower, then a possible area for a sticking point could be around the past resistance areas marked by the upper red consolidation level and the backside of the descending trendline, both established near the 97.64 area. A break below 97.64 may find support at the lows of consolidation previously established around 94.14.

Dollar_Trends_Lower_while_Crude_Gold_and_SP_500_Bid_Higher_body_Picture_11.png, Dollar Trends Lower while Crude, Gold and S&P 500 Bid Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices pushed up through the ascending channel line of potential resistance (upper grey line) and closed above. The next level of resistance could be near the established February 29 high at 1790.55. Conversely, a move lower could expose potential support around the 1716.15 area which was once a level of resistance and support marked in orange.

Dollar_Trends_Lower_while_Crude_Gold_and_SP_500_Bid_Higher_body_Picture_14.png, Dollar Trends Lower while Crude, Gold and S&P 500 Bid Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR The greenback broke below the potential level of support around 9,816 which was both a previous low and possible descending channel line support. The next level of support could be around 9,672 which was once an area where traders found value in the dollar. Alternatively, a move higher could find resistance around the 9,816 area which was once past support (April 30 low) and may act as a future ceiling of resistance. A break above 9,816 could expose the 9,938 area where past support (orange line) could extend to become future resistance and is in-line to converge with a descending trendline (upper grey line).

Dollar_Trends_Lower_while_Crude_Gold_and_SP_500_Bid_Higher_body_Picture_17.png, Dollar Trends Lower while Crude, Gold and S&P 500 Bid Higher

Daily Chart - Created Using FXCM Marketscope 2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.