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US Dollar Falters at Chart Resistance as S&P 500 Builds Higher

US Dollar Falters at Chart Resistance as S&P 500 Builds Higher

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar faltered at resistance marked by the March swing high while the S&P 500 is extending gains and eyes a challenge of the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices are pulling back from resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high.Near-term support is marked by a rising trend line set from late March, now at 10447. A break below that initially eyes the April 2 low at 10391. Alternatively, a reversal above 10576 exposes the 38.2% level at 10643.

Forex_US_Dollar_Falters_at_Chart_Resistance_as_SP_500_Builds_Higher_body_Picture_5.png, US Dollar Falters at Chart Resistance as S&P 500 Builds Higher

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices took out 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_Falters_at_Chart_Resistance_as_SP_500_Builds_Higher_body_Picture_6.png, US Dollar Falters at Chart Resistance as S&P 500 Builds Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing above resistance at 1469.28, the 50% Fibonacci retracement, with a break higher on a daily closing basis exposing the 61.8%level at 1504.14. Near-term support is 1434.43, the 38.2% Fib, with a break beneath that aiming for the 23.6% expansionat 1391.30.

Forex_US_Dollar_Falters_at_Chart_Resistance_as_SP_500_Builds_Higher_body_Picture_7.png, US Dollar Falters at Chart Resistance as S&P 500 Builds Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke above resistance at 93.05, the 61.8% Fibonacci retracement, exposing the 76.4% level at 94.81. A further push above that aims for rising trend line support-turned-resistance at 97.27. The 93.05 mark has been recast as near-term support, with a reversal back beneath that eyeing the 50% Fib at 91.63.

Forex_US_Dollar_Falters_at_Chart_Resistance_as_SP_500_Builds_Higher_body_Picture_8.png, US Dollar Falters at Chart Resistance as S&P 500 Builds Higher

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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