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US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar found fuel for another push higher after two days of indecision while the S&P 500 continued to recover, reclaiming the 1600 figure.

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

US DOLLAR TECHNICAL ANALYSIS Prices are pushing higher eyeing resistance at 10781, the 76.4% Fibonacci retracement. A break higher exposes the May 29 swing high at 10877. Initial support is at 10721, the 61.8% level, with a drop beneath that eyeing the 50% Fib at 10673.

Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_5.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A break above the 23.6% Fibonacci retracement 1589.40 has exposed the next upside barrier in the 1608.10-13.10 area, marked by a rising trend line and the 38.2% level. Pushing above this exposes the 50% Fib at 1623.30. The 1589.40 mark has been recast as near-term support.

Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_6.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke support at 1238.38, the 123.6% Fibonacci expansion, exposing the 138.2% level at 1216.49. A further push beneath that eyes the 150% Fib at 1198.80. The 1238.38 mark has been recast as near-term resistance, with a reversal back above that targeting the 100% expansion at 1273.77.

Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_7.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

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 93.99) exposes an upward-sloping barrier set from the May 1 low at 92.14, followed by the June 3 bottom at 91.23.

Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_8.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

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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