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US Dollar Renews Push Higher, S&P 500 Finds  a Lifeline

US Dollar Renews Push Higher, S&P 500 Finds a Lifeline

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar renewed its push higher in earnest, rallying toward the 30-month high set in early March, while the S&P 500 found fuel for a recovery.

US DOLLAR TECHNICAL ANALYSIS Prices broke above resistance at 10487, the 14.6% Fibonacci expansion, exposing the 23.6% level at 10547. A further push above this aims for the 38.2% Fib at 10643. The 10487 level has been recast as support, with a turn back below that eyeing a formerly broken falling channel top at 10445.

Forex_US_Dollar_Renews_Push_Higher_SP_500_Finds__a_Lifeline_body_Picture_5.png, US Dollar Renews Push Higher, S&P 500 Finds  a Lifeline

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices recovered to target the 38.2% Fibonacci expansion at 1573.30. A break above that exposes the 50% level at 1583.90. Near-term support is at 1560.10, the 23.6% Fib, with a move back below that eyeing the 14.6% expansion at 1552.00.

Forex_US_Dollar_Renews_Push_Higher_SP_500_Finds__a_Lifeline_body_Picture_6.png, US Dollar Renews Push Higher, S&P 500 Finds  a Lifeline

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices rebounded as expected after putting in a Hammer candlestick. The bulls are now testing the 23.6% Fibonacci expansion at 1583.37. A break above that aims for the 14.6% Fib at 1596.19 and trend line support-turned-resistance at 1603.27. Near-term support is at 1562.58, the 38.2% level.

Forex_US_Dollar_Renews_Push_Higher_SP_500_Finds__a_Lifeline_body_Picture_7.png, US Dollar Renews Push Higher, S&P 500 Finds  a Lifeline

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices bounced from support at 91.96, the 38.2% Fibonacci expansion. Near-term resistance is in the 94.09-35 area, marked by the underside of a formerly broken rising trend line and the 23.6% level. A reversal back above that aims for a falling trend line at 97.54. Alternatively, a drop below support targets the 50% expansion at 90.03.

Forex_US_Dollar_Renews_Push_Higher_SP_500_Finds__a_Lifeline_body_Picture_8.png, US Dollar Renews Push Higher, S&P 500 Finds  a Lifeline

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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