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US Dollar Breaks Higher, S&P 500 Digesting Recent Losses

US Dollar Breaks Higher, S&P 500 Digesting Recent Losses

2013-04-05 04:16:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar is aiming higher after taking out technical resistance while the S&P 500 is digesting recent losses above support near the 1550 level.

US DOLLAR TECHNICAL ANALYSIS Prices bounced from support at 10420, the 23.6% Fibonacci retracement, taking out falling trend line resistance to expose the 14.6% Fib expansion at 10509. A further break above that exposes the 23.6% expansion at 10569. The trend line – now at 10448 – has been recast as near-term support, with a move below that eyeing 10420 anew.

Forex_US_Dollar_Breaks_Higher_SP_500_Digesting_Recent_Losses_body_Picture_5.png, US Dollar Breaks Higher, S&P 500 Digesting Recent Losses

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke lower as expected after carving out a bearish Rising Wedge chart pattern below resistance at 1576.10 the index’s record high. The index is now hovering above support at 1552.40, marked by the 23.6% Fibonacci retracement and a rising channel bottom. A break below that aims for the 38.2% level at 1539.20. The Wedge bottom, now at 1570.30, has been recast as near-term resistance.

Forex_US_Dollar_Breaks_Higher_SP_500_Digesting_Recent_Losses_body_Picture_6.png, US Dollar Breaks Higher, S&P 500 Digesting Recent Losses

8hr Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing support at 1545.78, the 50% Fibonacci expansion, with a Hammer candlestick hinting a bounce may be ahead. Near-term resistance is at 1562.58, the 38.2% level, with a break above that targeting the 23.6% Fib at 1583.37. Alternatively, a drop below support aims for the 61.8% expansion at 1528.98.

Forex_US_Dollar_Breaks_Higher_SP_500_Digesting_Recent_Losses_body_Picture_7.png, US Dollar Breaks Higher, S&P 500 Digesting Recent Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke support at 94.35, the 23.6% Fibonacci retracement, exposing the 38.2% level at 91.96. A further push below that aims for the 50% mark at 90.03. The 94.35 mark has been recast as near-term resistance, with a turn back above that eyeing a falling trend line at 97.54.

Forex_US_Dollar_Breaks_Higher_SP_500_Digesting_Recent_Losses_body_Picture_8.png, US Dollar Breaks Higher, S&P 500 Digesting Recent Losses

Daily Chart - Created Using FXCM Marketscope 2.0

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--- 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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