THE TAKEAWAY: US Dollar technical positioning continues to warn of a possible pullback while the S&P 500 and crude oil charts hint at recoveries ahead.

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US DOLLAR TECHNICAL ANALYSIS Prices put in a Harami candlestick pattern below resistance at 10781, the 76.4% Fibonacci retracement, hinting a pullback may be ahead. Initial support is at 10721, the 61.8% level, with a drop beneath that eyeing the 50% Fib at 10673. Alternatively, a move above resistance aims for the May 29 swing high at 10877.

Forex_US_Dollar_Vulnerable_SP_500_and_Crude_Oil_May_Recover_body_Picture_5.png, US Dollar Vulnerable, S&P 500 and Crude Oil May Recover

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern, hinting a move higher may be ahead. Near-term resistance is at 1589.40, the 23.6% Fibonacci retracement, with a break above that exposing the 38.2% level at 1608.10. Near-term support is at 1559.10, the June 24 low.

Forex_US_Dollar_Vulnerable_SP_500_and_Crude_Oil_May_Recover_body_Picture_6.png, US Dollar Vulnerable, S&P 500 and Crude Oil May Recover

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing below support at 1273.77, the 100% Fibonacci expansion, with a break downward exposing 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_Vulnerable_SP_500_and_Crude_Oil_May_Recover_body_Picture_7.png, US Dollar Vulnerable, S&P 500 and Crude Oil May Recover

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at a rising trend line set from mid-April, hinting a rebound may be ahead. Initial resistance is at 95.88, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 97.87. Alternatively, move beneath trend line support (now at 93.85) exposes an upward-sloping barrier set from the May 1 low at 92.09, followed by the June 3 bottom at 91.23.

Forex_US_Dollar_Vulnerable_SP_500_and_Crude_Oil_May_Recover_body_Picture_8.png, US Dollar Vulnerable, S&P 500 and Crude Oil May Recover

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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