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US Dollar Adrift as S&P 500 Rally Continues to Power Ahead

US Dollar Adrift as S&P 500 Rally Continues to Power Ahead

2013-05-09 04:11:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar continues to drift sideways in a narrow range while the S&P 500 is pushing upward, with prices challenging yet another technical barrier.

US DOLLAR TECHNICAL ANALYSIS Prices are retesting recently broken resistance-turned-support at 10488, the 14.6% Fibonacci retracement. A break below that targets the 10424-28 area, marked by the 23.6% level and the March 22 close. Near-term resistance is at 10576, the March 11 high, with a reversal above that targeting the 38.2% Fib expansion at 10655.

Forex_US_Dollar_Adrift_as_SP_500_Rally_Continues_to_Power_Ahead_body_Picture_5.png, US Dollar Adrift as S&P 500 Rally Continues to Power Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing resistance at 1633.20, the 38.2%Fibonacci expansion. A break higher targets the 50% level at 1663.30. Near-term support is marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure. A reversal back beneath that aims for the 14.6% expansion at 1572.90.

Forex_US_Dollar_Adrift_as_SP_500_Rally_Continues_to_Power_Ahead_body_Picture_6.png, US Dollar Adrift as S&P 500 Rally Continues to Power Ahead

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_Adrift_as_SP_500_Rally_Continues_to_Power_Ahead_body_Picture_7.png, US Dollar Adrift as S&P 500 Rally Continues to Power Ahead

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_Adrift_as_SP_500_Rally_Continues_to_Power_Ahead_body_Picture_8.png, US Dollar Adrift as S&P 500 Rally Continues to Power Ahead

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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