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Dollar Stalls at Resistance as S&P 500 Accelerates Higher Anew

Dollar Stalls at Resistance as S&P 500 Accelerates Higher Anew

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is stalling having run into technical resistance while the S&P 500 has resumed an aggressive advance, marching higher toward the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices recoiled from resistance below the 23.6% Fibonacci expansion at 10547. Falling channel resistance-turned-support is at 10433, with a push beneath that eyeing the April 2 low at 10391. Alternatively, a reversal back above 10547 targets the 38.2% level at 10641

Forex_Dollar_Stalls_at_Resistance_as_SP_500_Accelerates_Higher_Anew_body_Picture_5.png, Dollar Stalls at Resistance as S&P 500 Accelerates Higher Anew

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices pushed higher anew, taking out the 50% Fibonacci expansion at 1583.90 to expose the 61.8% level at 1594.50. A further push above that aims for the 76.4% level at 1607.70. The 1583.90 mark has been recast as support, with a reversal back beneath that eyeing the 38.2% Fib at 1573.30. Negative RSI divergence warns of ebbing bullish momentum, hinting a reversal may be in the cards ahead.

Forex_Dollar_Stalls_at_Resistance_as_SP_500_Accelerates_Higher_Anew_body_Picture_6.png, Dollar Stalls at Resistance as S&P 500 Accelerates Higher Anew

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from resistance at 1586.48, the 23.6% Fibonacci expansion, taking out support at 1565.69 marked by the 38.2% level. Sellers now aim to challenge the 50% Fib at 1458.89, with a drop below that eyeing the 61.8% expansion at 1532.09. Alternatively, a reversal back above 1565.69 exposes 1586.48 anew.

Forex_Dollar_Stalls_at_Resistance_as_SP_500_Accelerates_Higher_Anew_body_Picture_7.png, Dollar Stalls at Resistance as S&P 500 Accelerates Higher Anew

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke above resistance at 93.91, the 23.6% Fibonacci expansion, exposing the 38.2% level at 95.13. A further push beyond that targets the 50% level at 96.11. Alternatively, a reversal back beneath 93.91 aims for the April 5 low at 91.95.

Forex_Dollar_Stalls_at_Resistance_as_SP_500_Accelerates_Higher_Anew_body_Picture_8.png, Dollar Stalls at Resistance as S&P 500 Accelerates Higher Anew

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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