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Dollar Retreating from Chart Resistance, S&P 500 Sets New High

Dollar Retreating from Chart Resistance, S&P 500 Sets New High

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is retreating from technical resistance while the S&P 500 overturned bearish cues noted last week, advancing to a new record high.

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

US DOLLAR TECHNICAL ANALYSIS – Prices are pulling back from falling trend line resistance set from the July 8 high (now at 10844) to test support in the 10790-803 area, marked by the 38.2% Fibonacci retracement and the June 24 high. A break downward initially eyes the 50% Fib at 10739. Alternatively, a reversal above the trend line sees the next level of resistance at 10882, the 23.6% level.

Forex_Dollar_Retreating_from_Chart_Resistance_SP_500_Sets_New_High_body_Picture_4.png, Dollar Retreating from Chart Resistance, S&P 500 Sets New High

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1687.40, the May 22 swing high, overturning bearish cues noted last week and exposing the 100% Fibonacci expansion at 1710.90. The 1687.40 level has been recast as near-term support, reinforced by a rising trend line set from late June. A reversal back below that eyes the 76.4% level at 1675.10.

Forex_Dollar_Retreating_from_Chart_Resistance_SP_500_Sets_New_High_body_Picture_3.png, Dollar Retreating from Chart Resistance, S&P 500 Sets New High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing above resistance at 1297.75, the 38.2% Fibonacci retracement, with a break higher targeting the 50% level at 1334.08. Rising channel support is at 1270.50, with a reversal beneath that eyeing the 23.6% level at 1252.80.

Forex_Dollar_Retreating_from_Chart_Resistance_SP_500_Sets_New_High_body_Picture_2.png, Dollar Retreating from Chart Resistance, S&P 500 Sets New High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices pushed above resistance at 107.77, the 23.6% Fibonacci expansion, exposing the 38.2% level at 109.92. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal lower may be around the corner. A move back below 107.77 sees initial support at 106.44, the 14.6% Fib.

Forex_Dollar_Retreating_from_Chart_Resistance_SP_500_Sets_New_High_body_Picture_1.png, Dollar Retreating from Chart Resistance, S&P 500 Sets New High

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

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