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US Dollar Selling Accelerates as S&P 500 Continues to Recover

US Dollar Selling Accelerates as S&P 500 Continues to Recover

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The safe-haven US Dollar remains under heavy selling pressure as the S&P 500 continues to push higher toward resistance below the 1500 figure.

S&P 500 – Prices continue to push higher as expected after putting in a Bullish Engulfing candlestick pattern above trend-defining support at 1424.90, marked by the March 27 swing high and the bottom of a rising channel set from the June bottom. Initial resistance remains at 1466.10, defined by the underside of a previously broken rising trend line and the range top prevailing since mid-September. A break above that threatens to expose the 1500 figure. Alternatively, a drop below 1424.90 initially targets the 1400 level.

US_Dollar_Selling_Accelerates_as_SP_500_Continues_to_Recover_body_Picture_5.png, US Dollar Selling Accelerates as S&P 500 Continues to Recover

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing resistance at the would-be neckline of an inverse Head and Shoulders bottom (92.34), with a break higher implying a measured upside target at 97.80. Support stands at 87.66, the 38.2% Fibonacci retracement. A drop below that targets the 50% level at 83.76.

US_Dollar_Selling_Accelerates_as_SP_500_Continues_to_Recover_body_Picture_6.png, US Dollar Selling Accelerates as S&P 500 Continues to Recover

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are correcting higher after finding support at 1732.33, the 23.6% Fibonacci retracement. Initial resistance stands at the underside of a previously broken Rising Wedge pattern (now at 1770.86). A break above that targets the 1790.55-1802.80 area. Alternatively, a reversal below support targets the 38.2% Fib at 1693.06.

US_Dollar_Selling_Accelerates_as_SP_500_Continues_to_Recover_body_Picture_7.png, US Dollar Selling Accelerates as S&P 500 Continues to Recover

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

US DOLLAR Prices turned lower after putting in a Harami candlestick pattern below resistance marked by the top of a falling channel set from the early June high. Sellers have now broken rising trend line support set from the September 14 low, to challenge the 23.6% Fibonacci expansion at 9835. A push below that exposes the 38.2% retracement at 9765. Resistance is now in the 9909-25 area.

US_Dollar_Selling_Accelerates_as_SP_500_Continues_to_Recover_body_Picture_8.png, US Dollar Selling Accelerates as S&P 500 Continues to Recover

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

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

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