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US Dollar Crumbles as S&P 500 Pushes Toward May Top

US Dollar Crumbles as S&P 500 Pushes Toward May Top

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar dove lower to overturn the rising trend from mid-June while the S&P 500 pushed higher, setting its sights on the May swing high.

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower as expected, with sellers testing below support at 10803, the 38.2% Fibonacci retracement. A break downward on a daily closing basis exposes the 50% level at 10739. Near-term resistance is at 10882, the 23.6% level, with a move back above that eyeing the July 8 swing high at 11009.

Forex_US_Dollar_Crumbles_as_SP_500_Pushes_Toward_May_Top_body_Picture_5.png, US Dollar Crumbles as S&P 500 Pushes Toward May Top

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices moved higher as expected after putting in a bullish Piercing Line candlestick pattern. The bulls are now poised to challenge the 76.4% Fibonacci expansion at 1675.10, with a break above that targeting the May 22 high at 1687.40 and the 100% level at 1710.90. Near-term support is at 1652.90, the 61.8% Fib.

Forex_US_Dollar_Crumbles_as_SP_500_Pushes_Toward_May_Top_body_Picture_6.png, US Dollar Crumbles as S&P 500 Pushes Toward May Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are moving higher after putting in a Bullish Engulfing candlestick pattern, taking out resistance at the 23.6% Fibonacci retracement (1252.80) to expose the 38.2% level at 1297.75. A further push above that aims for the 50% Fib at 1334.08. The 1252.80 mark has been recast as near-term support.

Forex_US_Dollar_Crumbles_as_SP_500_Pushes_Toward_May_Top_body_Picture_7.png, US Dollar Crumbles as S&P 500 Pushes Toward May Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern above trend line support. The bulls are now testing above resistance at 106.26, the 100% Fibonacci retracement, with a break higher targeting the 123.6% level at 109.46. Near-term support is at 103.35, the 78.6% Fib.

Forex_US_Dollar_Crumbles_as_SP_500_Pushes_Toward_May_Top_body_Picture_8.png, US Dollar Crumbles as S&P 500 Pushes Toward May Top

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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