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US Dollar Attempts Rebound Before FOMC Rate Decision

US Dollar Attempts Rebound Before FOMC Rate Decision

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has found interim support and attempted a recovery as markets position for the much-anticipated Federal Reserve monetary policy announcement.

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. Prices found interim support above a rising trend line set from late February and pulled up to retest resistance in the 10565-576 area, marked by the 23.6% Fibonacci retracement and the March 11 high. A break above that aims for the 38.2% level at 10625. Trend line support is now at 10454.

Forex_US_Dollar_Attemps_Rebound_Before_FOMC_Rate_Decision_body_Picture_5.png, US Dollar Attempts Rebound Before FOMC Rate Decision

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged through resistance marked by the top of a falling channel set from late May and the 23.6% Fibonacci retracement (1645.50). Sellers now aim to challenge the 38.2% level at 1675.30. Alternatively, a move back below 1646.50 exposes channel resistance-turned-support at 1629.90.

Forex_US_Dollar_Attemps_Rebound_Before_FOMC_Rate_Decision_body_Picture_6.png, US Dollar Attempts Rebound Before FOMC Rate Decision

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices edged past support at a rising trend line set from mid-April to challenge the 38.2% Fibonacci expansion at 1366.43. A break below that exposes the 50% level at 1348.74. A move back above trend line support-turned-resistance (now at 1374.70) eyes a downward sloping barrier at 1395.72.

Forex_US_Dollar_Attemps_Rebound_Before_FOMC_Rate_Decision_body_Picture_7.png, US Dollar Attempts Rebound Before FOMC Rate Decision

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices cleared falling trend line set from late January and the 50% Fibonacci expansion at 97.09, exposing the 61.8% level at 98.47. A further push above that eyes the 76.4% Fib at 100.18. The 97.09 mark has been recast as near-term support, with a reversal back beneath that eyeing the trend line (now at 96.56) anew.

Forex_US_Dollar_Attemps_Rebound_Before_FOMC_Rate_Decision_body_Picture_8.png, US Dollar Attempts Rebound Before FOMC Rate Decision

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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