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Dollar Continues to Set Two-Year Highs as S&P 500 Drifts Upward

Dollar Continues to Set Two-Year Highs as S&P 500 Drifts Upward

2013-03-08 05:53:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: US Dollar continues to probe higher, setting a fresh two-year high, while the S&P 500 grinds to levels unseen since late 2007.

US DOLLAR TECHNICAL ANALYSIS Prices are testing above resistance at 10504, the 76.4% Fibonacci expansion. A break higher targets a rising channel top at 10559. Channel support is at 10453, with a reversal below that aiming for the 61.8% Fib at 10359.

Forex_Dollar_Continues_to_Set_Two-Year_Highs_as_SP_500_Drifts_Upward_body_Picture_5.png, Dollar Continues to Set Two-Year Highs as S&P 500 Drifts Upward

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1538.70, the 38.2% Fibonacci expansion, to test a formerly broken rising trend line set from early January (now at 1548.50). A break above that aims for the 50% Fib at 1555.60. Alternatively, a turn back below 1538.70 aims for the 23.6% level at 1517.50.

Forex_Dollar_Continues_to_Set_Two-Year_Highs_as_SP_500_Drifts_Upward_body_Picture_6.png, Dollar Continues to Set Two-Year Highs as S&P 500 Drifts Upward

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to consolidate above 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_Dollar_Continues_to_Set_Two-Year_Highs_as_SP_500_Drifts_Upward_body_Picture_7.png, Dollar Continues to Set Two-Year Highs as S&P 500 Drifts Upward

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices bounced after putting in a bullish Piercing Line candlestick pattern. Buyers are testing initial resistance at 91.43, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 92.73. Near-term support is at 89.34, the March 4 low.

Forex_Dollar_Continues_to_Set_Two-Year_Highs_as_SP_500_Drifts_Upward_body_Picture_8.png, Dollar Continues to Set Two-Year Highs as S&P 500 Drifts Upward

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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