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US Dollar Corrects Higher as S&P 500 Selloff Continues

US Dollar Corrects Higher as S&P 500 Selloff Continues

2013-03-20 03:24:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar has initiated a cautious recovery from technical support while the S&P 500 has extended its selloff for a third consecutive day.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Three Inside Up candlestick pattern above support at 10454, the 14.6% Fibonacci retracement, hinting a bounce may be ahead. Rising channel support-turned-resistance is at 10553, with a push back above that targeting the March 11 high at 10576. Alternatively, a reversal below support exposes the 23.6% Fib at 10379.

Forex_US_Dollar_Corrects_Higher_as_SP_500_Selloff_Continues_body_Picture_5.png, US Dollar Corrects Higher as S&P 500 Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are inching lower after putting in a bearish Harami candlestick pattern. Initial support is at 1531.50, the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% level at 1511.60. Near-term resistance is at 1563.90, the March 15 high. A reversal above that targets the index’s record high at 1576.10.

Forex_US_Dollar_Corrects_Higher_as_SP_500_Selloff_Continues_body_Picture_6.png, US Dollar Corrects Higher as S&P 500 Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continued higher as expected after edging above resistance at 1604.87, the 38.2% Fibonacci retracement, will buyers eyeing the 50% level at 1620.28. A further push above that aims for the 61.8% Fib at 1635.68. The 1604.87 mark has been recast support, with a turn back beneath that eyeing the 23.6% retracement at 1585.81.

Forex_US_Dollar_Corrects_Higher_as_SP_500_Selloff_Continues_body_Picture_7.png, US Dollar Corrects Higher as S&P 500 Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices reversed lower to test support at the 92.00 figure, marked by the 23.6% Fibonacci expansion. A break beneath that exposes the 38.2% level at 90.73. Near-term resistance is at 94.07, the March 19 swing high.

Forex_US_Dollar_Corrects_Higher_as_SP_500_Selloff_Continues_body_Picture_8.png, US Dollar Corrects Higher as S&P 500 Selloff Continues

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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