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US Dollar Finds No Support as S&P 500 Plunges

US Dollar Finds No Support as S&P 500 Plunges

2013-06-06 02:21:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar failed to find fuel for a meaningful advance despite a sharp decline in the S&P 500 that may have been expected to help the safe-haven greenback.

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

US DOLLAR TECHNICAL ANALYSIS Prices moved lower as expected, taking out the 14.6% Fibonacci retracement level at 10711 and exposing the 23.6% Fib at 10609. A further push beneath that eyes the 38.2% level at 10443. The 10711 mark has been recast as near-term resistance, with a break back above that eyeing the underside of a recently broken rising channel at 10823.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_5.png, US Dollar Finds No Support as S&P 500 Plunges

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices dropped to support at 1607.50, the 61.8% Fibonacci expansion. A break below that exposes the 76.4% level at 1598.10. Near-term trend line resistance is at 1615.20, the 50% Fib, with a move back above that eyeing the 38.2% expansion at 1622.80.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_6.png, US Dollar Finds No Support as S&P 500 Plunges

4hr 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. Overall positioning looks to be taking the shape of a Pennant chart formation, which likewise argues for bearish continuation. A break below the setup’s lower boundary (1398.91) initially exposes the 23.6% Fibonacci expansion at 1386.51. Alternatively, a move above near-term trend line resistance at 1409.72 targets the Pennant top at 1427.98.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_7.png, US Dollar Finds No Support as S&P 500 Plunges

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A bounce from falling channel support targets the formation’s top at 94.48, with a break above that aiming for a falling trend line set from September 2012, now at 96.75. Channel support is at 90.58.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_8.png, US Dollar Finds No Support as S&P 500 Plunges

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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