THE TAKEAWAY: The US Dollar found interim resistance having touched the highest level in nearly three years while the S&P 500 continues to consolidate.

US DOLLAR TECHNICAL ANALYSIS Prices broke above resistance at 10588, the 23.6% Fibonacci expansion, exposing the 38.2% level at 10710. A further push higher beyond that aims for the 50% mark at 10809. The 10588 mark has been recast as near-term support.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_Tread_Water_body_Picture_5.png, US Dollar Finds Resistance, S&P 500 Continues to Tread Water

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a Harami candlestick pattern below resistance at 1633.20, the 38.2% Fibonacci expansion, hinting a move lower may be ahead. Near-term support is marked by the psychologically significant 1600 figure and the 23.6% level at 1595.90. A break below that initially exposes the 14.6% Fib at 1572.90. Alternatively, a reversal above resistance eyes the 50% expansion at 1663.30.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_Tread_Water_body_Picture_6.png, US Dollar Finds Resistance, S&P 500 Continues to Tread Water

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke support at 1448.77, the 14.6% Fibonacci retracement, to challenge the 23.6% level at 1424.59. A break below the latter level on a daily closing basis exposes the 1400/oz figure and the 38.2% Fib at 1385.36. Alternatively, a move back above 1448.77 aims for the 61.8% expansion at 1487.65.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_Tread_Water_body_Picture_7.png, US Dollar Finds Resistance, S&P 500 Continues to Tread Water

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Harami candlestick pattern below falling trend line set from early January, hinting a turn lower may be ahead. Near-term support is at 94.63, marked by a rising trend line set from the April 18 low, with a push beneath that aiming for the 38.2% Fibonacci retracement at 92.71. Alternatively, a push above trend line resistance (now at 96.61) aims for the 38.2% Fib expansion at 97.73.

Forex_US_Dollar_Finds_Resistance_SP_500_Continues_to_Tread_Water_body_Picture_8.png, US Dollar Finds Resistance, S&P 500 Continues to Tread Water

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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