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US Dollar Accelerates Downward, More Weakness Seen Ahead

US Dollar Accelerates Downward, More Weakness Seen Ahead

2013-06-04 03:11:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar continued to reverse lower as expected, with a break of technical support hinting at continued weakness on tap in the days ahead.

Capitalize on Shifts in Market Mood with the DailyFX Speculative Sentiment Index.

US DOLLAR TECHNICAL ANALYSIS Prices moved lower as expected, taking out the 38.2% Fibonacci retracement level at 10694 and exposing the 50% Fib at 10638. A further push beneath that eyes the 61.8% level at 10582. The 10694 mark has been recast as near-term resistance.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_5.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing support at 1625.60, the 14.6% Fibonacci retracement. A break below that exposes the 1600 figure and the 23.6% level at 1587.50. Near-term trend line resistance is at 1659.30, with a move above that eyeing the May 22 high at 1687.40.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_6.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern, hinting a turn lower may be ahead. Near-term support is at 1386.51, the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 1364.62. Initial resistance is at 1421.90, the May 31 swing high.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_7.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices appear to have completed a Head and Shoulders top chart formation. Sellers initially eye the May 1 low at 90.09 from here, but the H&S setup implies a measured downside objective at 89.59. Neckline support-turned-resistance is at 93.64, with a move back above that eyeing the May 28 highat 95.89.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_8.png, US Dollar Accelerates Downward, More Weakness Seen 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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