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US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar continued to push higher in the wake of the FOMC policy announcement while the S&P 500 overturned the rising trend in place since November 2012.

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

US DOLLAR TECHNICAL ANALYSIS Prices found interim support above a rising trend line set from late February and launched a recovery, with the bulls now challenging the 61.8% Fibonacci retracement at 10721. A further push higher targets the 76.4% level at 10781. The 50% Fib at 10673 is acting as near-term support, with a reversal back beneath that eyeing the 38.2% retracement at 10625.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_5.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices dropped through a support cluster marked by rising trend lines set from mid-November 2012 and February of this year, with sellers now testing the 76.4% Fibonacci expansion at 1585.80. A further push beneath that aims for the 100% level at 1564.60. Alternatively, a recovery above the 1600 figure sees trend line support-turned-resistance at 1607.40.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_6.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices dove sharply lower, with sellers now testing the 100% Fibonacci expansion at 1273.77. A break beneath that exposes the 123.6% level at 1238.38. Near-term resistance is at 1309.16, the 76.4% Fib, followed by the 61.8% expansion at 1331.05.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_7.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices punched below support at 95.21, the 50% Fibonacci retracement, exposing the 61.8% level at 94.27. This is followed by a rising trend line set from mid-April, now at 93.73. Alternatively, a move back above 95.21 eyes the 38.2% Fib at 96.15.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_8.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

8hr 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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