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US Dollar Attempting Recovery as SPX 500 Keeps Pushing Higher

US Dollar Attempting Recovery as SPX 500 Keeps Pushing Higher

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Finds Support, Attempts to Stage Cautious Recovery
  • S&P 500 Upward Push Continues to Set Another Record High
  • Crude Oil Begins to Recover from Chart Support as Expected

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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 above resistance in the in the 10416-24 region, the site of April’s shelf support and the 38.2%Fibonacci expansion. A break higher on a daily closing basis exposes the 23.6% level at 10468. Near-term support is at 10374, the 50% Fib, with a reversal back beneath that targeting the 10323-31 area (marked by the June 2012 swing high and the 61.8% expansion).

Forex_US_Dollar_Attempting_Recovery_as_SPX_500_Keeps_Pushing_Higher_body_Picture_5.png, US Dollar Attempting Recovery as SPX 500 Keeps Pushing Higher

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. Alternatively, dropping back below 1754.40 sees the first layer of support at 1729.00, the 76.4% Fib.

Forex_US_Dollar_Attempting_Recovery_as_SPX_500_Keeps_Pushing_Higher_body_Picture_6.png, US Dollar Attempting Recovery as SPX 500 Keeps Pushing Higher

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 1364.06, 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_Attempting_Recovery_as_SPX_500_Keeps_Pushing_Higher_body_Picture_7.png, US Dollar Attempting Recovery as SPX 500 Keeps Pushing Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices rose as expected after putting in a bullish Morning Star candlestick pattern at the bottom of a falling channel set from late August. Near-term resistance is at 99.77, the 23.6% Fibonacci retracement, with a break above that targeting the channel top at 101.32. Channel bottom support is now at 96.07.

Forex_US_Dollar_Attempting_Recovery_as_SPX_500_Keeps_Pushing_Higher_body_Picture_8.png, US Dollar Attempting Recovery as SPX 500 Keeps Pushing Higher

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

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