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US Dollar Grinds Higher as S&P 500 Takes Aim at 1600 Anew

US Dollar Grinds Higher as S&P 500 Takes Aim at 1600 Anew

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar continued to grind higher, seemingly deviating from pure risk on/off dynamics, as the S&P 500 rebounded to take aim at the 1600 figure anew.

US DOLLAR TECHNICAL ANALYSIS Prices edged above resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high. A break above that aims for the 38.2% level at 10643. Alternatively, a move back below 10547 targets a rising trend line set from late March, now at 10446.

Forex_US_Dollar_Grinds_Higher_as_SP_500_Takes_Aim_at_1600_Anew__body_Picture_5.png, US Dollar Grinds Higher as S&P 500 Takes Aim at 1600 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged above resistance at 1572.90, the 14.6% Fibonacci expansion, to aim for the 23.6% level at 1595.90. A further push above that aims for the 38.2% Fib at 1633.20. Alternatively, a reversal back beneath 1572.90 exposes the April 18 low at 1535.60.

Forex_US_Dollar_Grinds_Higher_as_SP_500_Takes_Aim_at_1600_Anew__body_Picture_6.png, US Dollar Grinds Higher as S&P 500 Takes Aim at 1600 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Dark Cloud Cover candlestick pattern below resistance at 1434.43, the 38.2% Fibonacci retracement, hinting a move lower is ahead. Near-term support is at 1391.30, the 23.6% level, with a break beneath that aiming for the April 16 low at 1321.59. Alternatively, a push above 1434.43 aims for the 50% retracement at 1469.28.

Forex_US_Dollar_Grinds_Higher_as_SP_500_Takes_Aim_at_1600_Anew__body_Picture_7.png, US Dollar Grinds Higher as S&P 500 Takes Aim at 1600 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke above resistance at 88.45, the 23.6% Fibonacci retracement. The bulls now target the 38.2% mark at 90.21, with a further push above that aiming for the 50% Fib at 91.63. Alternatively, a move back below 88.45 targets the 14.6% retracement at 87.37.

Forex_US_Dollar_Grinds_Higher_as_SP_500_Takes_Aim_at_1600_Anew__body_Picture_8.png, US Dollar Grinds Higher as S&P 500 Takes Aim at 1600 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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