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Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

2012-11-22 03:21:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar found support and is resuming a push higher, yielding the highest close in three months, while the S&P 500 has stalled at chart resistance.

US DOLLAR TECHNICAL ANALYSIS Prices recovered from support above support near the 23.6% Fibonacci retracement (9993), a barrier reinforced by a rising trend line set from the October 17 low (10002). Initial resistance is at 10071, the November 16 high, with a push above that targeting the 38.2% Fib expansion at 10123. Alternatively, a drop below 9993 exposes the 38.2% Fib at 9945.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_4.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices rebounded as expected after completing Bullish Engulfing candlestick pattern. The prices have now produced a Hanging Man candle below the 38.2% Fibonacci retracement at 1392.80, hinting at ebbing momentum and warning that a pullback may be ahead. Near-term support is at 1373.40, the 23.6% retracement, with a drop below that aiming to challenge the November 16 low at 1342.10. Alternatively, a break above 1392.80 exposes the 1400 figure and the 50% level at 1408.50.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_3.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices may be carving a bullish Inverse Head and Shoulders chart pattern. Confirmation requires a close above neckline resistance at 1737.28, 23.6% Fibonacci retracement. This would imply a measured upside target at 1802.06. Near-term support lines up at 1688.65, the 38.2% Fib. This is reinforced by the 1700 figure and a rising trend line at 1690.27. A push below the latter level exposes the 50% retracement at 1642.57.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_2.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices pulled back from resistance at 89.48, the 23.6% Fibonacci expansion, after breaking above a falling trend line set from the September 14 high (now at 85.66). A drop below that exposes the November 7 low at 84.04. Alternatively, a push above resistance targets the 38.2% level at 92.88.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_1.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

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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