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US Dollar and S&P 500 Continue to Rise in Tandem

US Dollar and S&P 500 Continue to Rise in Tandem

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is grinding higher toward the top of its two-month range while the S&P 500 continues to build upward having cleared the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices recovered after putting in a Hammer candlestick above support in the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. Buyers have now cleared resistance at 10488, the 14.6% level, exposing the March 11 high at 10576. A further push above that targets the 38.2% Fib expansion at 10655. The 10488 level has been recast as support. A turn back beneath that eyes 10424-28 anew.

Forex_US_Dollar_and_SP_500_Continue_to_Rise_in_Tandem_body_Picture_5.png, US Dollar and S&P 500 Continue to Rise in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke resistance marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure. Buyers now look to challenge the 38.2% level at 1633.20, with a further push beyond that aiming for the 50% Fib at 1663.30. Alternatively, a reversal back below 1595.90 initially exposes the14.6% expansion at 1572.90.

Forex_US_Dollar_and_SP_500_Continue_to_Rise_in_Tandem_body_Picture_6.png, US Dollar and S&P 500 Continue to Rise in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to consolidate below resistance at 1487.65, the 61.8% Fibonacci expansion. A break above that initially exposes the 76.4% level at 1526.88. Near-term support is at 1448.77, the 14.6% Fib expansion, with a reversal beneath that aiming for the 23.6% mark at 1424.59.

Forex_US_Dollar_and_SP_500_Continue_to_Rise_in_Tandem_body_Picture_7.png, US Dollar and S&P 500 Continue to Rise in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance at the 97.00 figure, marked by the 76.4% Fibonacci expansion and a falling trend line set from early January. A break above that exposes the 100% level at 99.14. Near-term support is at 94.39, the 23.6% Fib retracement, with a drop beneath that eyeing the 38.2% mark at 92.71.

Forex_US_Dollar_and_SP_500_Continue_to_Rise_in_Tandem_body_Picture_8.png, US Dollar and S&P 500 Continue to Rise in Tandem

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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