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US Dollar, S&P 500 Recoveries Lose Steam at Chart Resistance

US Dollar, S&P 500 Recoveries Lose Steam at Chart Resistance

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and the S&P 500 failed to meaningful build on recoveries launched at the end of last week as prices ran into the first layer of technical resistance.

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 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_SP_500_Recoveries_Lose_Steam_at_Chart_Resistance_body_Picture_5.png, US Dollar, S&P 500 Recoveries Lose Steam at Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices bounced after putting in a bullish Piercing Line candlestick pattern at a support cluster marked by the 23.6% Fibonacci retracement (1605.90) and a rising trend line set from mid-November 2012. A push above channel resistance (now at 1641.80) initially targets the 32.8% Fib expansion at 1655.40. Alternatively, a drop below the 1605.90 figure aims for the channel bottom at 1595.20 and the 38.2% retracement at 1555.50.

Forex_US_Dollar_SP_500_Recoveries_Lose_Steam_at_Chart_Resistance_body_Picture_6.png, US Dollar, S&P 500 Recoveries Lose Steam at Chart Resistance

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 1380.59). A break below that initially eyes the 38.2% Fibonacci expansion at 1366.43. Channel support-turned-resistance is at 1403.26, with a move above that exposing the 50% Fib expansion at 1413.03.

Forex_US_Dollar_SP_500_Recoveries_Lose_Steam_at_Chart_Resistance_body_Picture_7.png, US Dollar, S&P 500 Recoveries Lose Steam at Chart Resistance

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_SP_500_Recoveries_Lose_Steam_at_Chart_Resistance_body_Picture_8.png, US Dollar, S&P 500 Recoveries Lose Steam at Chart Resistance

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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