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US Dollar Mounts Recovery from Critical Trend Support

US Dollar Mounts Recovery from Critical Trend Support

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has mounted a recovery after sellers pushed prices to challenge the boundaries of the rising trend in place since December 2012.

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

US DOLLAR TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. A recovery has now been mounted from a support cluster in the 10510-576 area, marked by the 38.2% Fibonacci retracement, the March 8 high, and a rising trend line set from mid-December 2012. A break above initial resistance at 10655 exposes the next upside barrier at 10697. Alternatively, a push below 10510 exposes the 50% Fib at 10397.

Forex_US_Dollar_Mounts_Recovery_from_Critical_Trend_Support_body_Picture_5.png, US Dollar Mounts Recovery from Critical Trend Support

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices bounced after putting in a bullish Piercing Line candlestick pattern in the 1600-05.90 area, a support cluster marked by the bottom of a falling channel, the 23.6% Fibonacci retracement, and a rising trend line set from mid-November. A push above channel resistance (now at 1645.20) initially targets the 32.8% Fib expansion at 1655.40. Alternatively, a push below the 1600 figure aims for the 38.2% retracement at 1555.50.

Forex_US_Dollar_Mounts_Recovery_from_Critical_Trend_Support_body_Picture_6.png, US Dollar Mounts Recovery from Critical Trend Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices moved lower as expected, taking out rising channel to challenge an upward-sloping trend line set from the April 16 low (now at 1379.23). A break below that initially eyes the 38.2% Fibonacci expansion at 1366.43. Channel support-turned-resistance is at 1400.54, with a move above that exposing the 50% Fib expansion at 1413.03.

Forex_US_Dollar_Mounts_Recovery_from_Critical_Trend_Support_body_Picture_7.png, US Dollar Mounts Recovery from Critical Trend Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke above resistance at 95.71, the 38.2% Fibonacci expansion, exposing the 96.72-97.09 area marked by the 50% level and a falling trend line established from mid-September 2012. A break above that targets the 61.8% Fib at 98.47. The 95.71 level has been recast as near-term support, with a move back beneath that eyeing the 23.6% expansion at 94.00.

Forex_US_Dollar_Mounts_Recovery_from_Critical_Trend_Support_body_Picture_8.png, US Dollar Mounts Recovery from Critical Trend Support

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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