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US Dollar Chart Warns of Reversal, S&P 500 Vulnerable

US Dollar Chart Warns of Reversal, S&P 500 Vulnerable

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar technical positioning hints a reversal lower may be ahead. The S&P 500 also appears vulnerable having hit the highest level in over five years.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bearish Evening Star candlestick pattern below resistance marked by the intersection of a rising channel top and the 76.4% Fibonacci expansion (10504). A break below channel support (now at 10426) exposes the 61.8% Fib at 10359. Alternatively, a break back above 10504 aims for the channel top at 10535.

Forex_US_Dollar_Chart_Warns_of_Reversal_SP_500_Vulnerable_body_Picture_5.png, US Dollar Chart Warns of Reversal, S&P 500 Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing resistance at the 38.2% Fibonacci expansion (1538.50), a barrier reinforced by a formerly broken rising trend line (1543.70). Negative RSI divergence warns of ebbing bullish momentum and hints a turn lower may be ahead. Near-term support is at 1517.70, the 23.6% level. Alternatively, a break higher aims for the 50% Fib at 1555.60.

Forex_US_Dollar_Chart_Warns_of_Reversal_SP_500_Vulnerable_body_Picture_6.png, US Dollar Chart Warns of Reversal, S&P 500 Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing support at 1570.37, the 38.2% Fibonacci expansion. Near-term resistance is at 1589.36, the 23.6% level, with a break above that aiming for the February 26 high at 1620.09. Alternatively, a break downward initially aims for the 61.8% Fib at 1554.62.

Forex_US_Dollar_Chart_Warns_of_Reversal_SP_500_Vulnerable_body_Picture_7.png, US Dollar Chart Warns of Reversal, S&P 500 Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are retesting support-turned-resistance at 91.13, the 50% Fibonacci retracement. A break above this barrier targets the 38.2 % level at 92.80. Near-term support is at 89.45, the 61.8% Fib, with a drop below that aiming for the 76.4% retracement at 87.38.

Forex_US_Dollar_Chart_Warns_of_Reversal_SP_500_Vulnerable_body_Picture_8.png, US Dollar Chart Warns of Reversal, S&P 500 Vulnerable

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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