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US Dollar, S&P 500 Chart Setups Hint at Risk of Deeper Losses

US Dollar, S&P 500 Chart Setups Hint at Risk of Deeper Losses

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar and S&P 500 technical positioning favors continued weakness following a mild recovery as risk aversion grips financial markets.

US DOLLAR TECHNICAL ANALYSIS Prices pulled back from resistance at the top of a rising channel set from early February to test 14.6% Fibonacci retracement support at 10367. This barrier is reinforced by the channel bottom. Negative RSI divergence warns of weakness ahead, with a break downward initially exposing the 23.6% level at 10320. Channel top resistance is now at 10471.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_at_Risk_of_Deeper_Losses_body_Picture_5.png, US Dollar, S&P 500 Chart Setups Hint at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices continued lower after taking out rising trend line support set from early January and completing a Bearish Engulfing candlestick formation. Sellers have now overcome the 23.6% Fibonacci retracement 1497.40, exposing the 38.2% level at 1476.90. A further drop below that targets the 50% Fib at 1460.30. The 1497.40 level has been recast as near-term resistance, with a reversal back above that eyeing the trend line (now at 1530.60) anew.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_at_Risk_of_Deeper_Losses_body_Picture_6.png, US Dollar, S&P 500 Chart Setups Hint at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke above resistance at 1609.40, the 38.2% Fibonacci retracement, exposing the 50% level at 1626.20. A further push above that aims for the 61.8% Fib at 1643.00. The 1609.40 mark has been recast as near-term support, with a reversal back beneath that eyeing the 23.6% retracement at 1588.61.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_at_Risk_of_Deeper_Losses_body_Picture_7.png, US Dollar, S&P 500 Chart Setups Hint at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke below support at 92.80, the 38.2% Fibonacci retracement, exposing the 50.0% level at 91.13. A further break beneath that aims for the 61.8% Fib at 89.45. The 92.80 mark has been recast as near-term resistance, with a turn back above that eyeing the 23.6% retracement at 94.87.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_at_Risk_of_Deeper_Losses_body_Picture_8.png, US Dollar, S&P 500 Chart Setups Hint at Risk of Deeper Losses

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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