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US Dollar Finds Resistance, S&P 500 Continues to March Higher

US Dollar Finds Resistance, S&P 500 Continues to March Higher

2013-03-12 01:30:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar has found technical resistance and appears likely to correct lower while the S&P 500 continues to march higher toward the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices are testing the top of a rising channel top set from early February (now at 10595). A break above that aims for the 100% expansion at 10741. Negative RSI divergence warns of ebbing bullish momentum and hints a reversal downward may be ahead. Near-term support is at 10504, the 76.4% Fibonacci expansion, with a drop back below that aiming for the channel bottom at 10476.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_March_Higher_body_Picture_5.png, US Dollar Finds Resistance, S&P 500 Continues to March Higher

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices continue to push higher, taking out resistance at 1555.50 marked by the 50% Fibonacci expansion. Buyers now aim for the 61.8% expansion at 1572.60, with a push through that targeting the 76.4% Fib at 1593.50. The 1555.40 level has been recast as near-term support, with a reversal back below that exposing the 38.2% barrier at 1538.70.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_March_Higher_body_Picture_6.png, US Dollar Finds Resistance, S&P 500 Continues to March Higher

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_US_Dollar_Finds_Resistance_SP_500_Continues_to_March_Higher_body_Picture_7.png, US Dollar Finds Resistance, S&P 500 Continues to March Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices continue to recover after putting in a bullish Piercing Line candlestick pattern, taking out initial resistance at 91.43 marked by the 23.6% Fibonacci retracement. Buyers now aim to challenge the 38.2% Fib at 92.73. The 91.43 level has been recast as near-term support, with a reversal back below that eyeing the March 4 low at 89.34.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_March_Higher_body_Picture_8.png, US Dollar Finds Resistance, S&P 500 Continues to March Higher

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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