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US Dollar Holding at Support, SPX 500 Eyeing 1800 Figure

US Dollar Holding at Support, SPX 500 Eyeing 1800 Figure

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Holding at Chart Support, Waiting for Clear Catalyst
  • S&P 500 Continues to March Upward Toward the 1800.00 Figure
  • Gold Aims to Extend Gains, Crude Oil Reversal May be Starting

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Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices are testing support at 10374, the 50% Fibonacci expansion. A break below this barrier targets the 10323-31 area, marked by the June 1 2012 swing high and the 61.8% level. Resistance is in the 10416-24 region, the site of April’s shelf support and the 38.2% Fib, with a reversal above that eyeing 23.6% expansion at 10468.

Forex_US_Dollar_Holding_at_Support_SPX_500_Eyeing_1800_Figure_body_Picture_5.png, US Dollar Holding at Support, SPX 500 Eyeing 1800 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices recovered as expected after showing a Spinning Top candlestick at support marked by a rising trend line set from late February. A break above resistance at 1754.40, the 100% Fibonacci expansion, has exposed the 123.6% level at 1779.80. However, early signs of negative RSI divergence warn of ebbing upside momentum and hint a reversal may be brewing. A move back below 1754.40 sees the first layer of support at 1729.00, the 76.4% Fib.

Forex_US_Dollar_Holding_at_Support_SPX_500_Eyeing_1800_Figure_body_Picture_6.png, US Dollar Holding at Support, SPX 500 Eyeing 1800 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke higher as expected after putting in a bullish Morning Star candlestick pattern. Resistance is now at 1634.06, the 61.8% Fibonacci retracement, with a break above that targeting the 76.4% level at 1390.64. Near-term support is at 1342.57, the 50% Fib. A reversal back beneath that eyes the 38.2% Fib at 1321.09.

Forex_US_Dollar_Holding_at_Support_SPX_500_Eyeing_1800_Figure_body_Picture_7.png, US Dollar Holding at Support, SPX 500 Eyeing 1800 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bullish Morning Star candlestick pattern at the bottom of a falling channel set from late August, hinting at rebound ahead. Near-term resistance is at 99.77, the 23.6% Fibonacci retracement, with a break above that targeting the channel top at 101.59. Channel bottom support is now at 96.27.

Forex_US_Dollar_Holding_at_Support_SPX_500_Eyeing_1800_Figure_body_Picture_8.png, US Dollar Holding at Support, SPX 500 Eyeing 1800 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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