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Dollar Pauses to Digest Breakout, SPX 500 Trying to Expose 1900 Anew

Dollar Pauses to Digest Breakout, SPX 500 Trying to Expose 1900 Anew

2014-05-22 05:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Pauses to Digest After Key Technical Break
  • S&P 500 Attempting to Expose 1900.00 Figure Anew
  • Crude Oil Within Striking Distance of April Swing Top

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

US DOLLAR TECHNICAL ANALYSIS – Positioning hints a double bottom is in place at 10375, the October 2013 floor, after prices secured a break above falling channel resistance set from January. Initial resistance is in the 10474-95 area, with a daily close above that clearing the way for a move to challenge the 10589-619 region. The channel top, now at 10448, has been recast as near-term support.

Dollar Pauses to Digest Breakout, SPX 500 Trying to Expose 1900 Anew

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 are testing above resistance in the in the 1883.80-88.60 region, bracketed by the March 7 high and the 23.6% Fibonacci expansion. A break above that on a daily closing basis clears the way for a challenge of the 1897.40-1899.10 zone, the site of the 38.2% level and the April 4 peak. Support is marked by a rising trend line set from late April, now at 1869.20. A reversal beneath that aims for the 1850.10-61.90 area, marked by recent swing lows. Resistance is

Dollar Pauses to Digest Breakout, SPX 500 Trying to Expose 1900 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 1304.57-15.60 area, marked by the top of a descending Triangle chart formation and the 38.2% Fibonacci retracement. A break above that on daily closing basis targets the 50% level at 1330.18. The descending Triangle argues in favor of bearish continuation however (though confirmation is absent for now). Near-term support is at 1277.00, the Triangle bottom.

Dollar Pauses to Digest Breakout, SPX 500 Trying to Expose 1900 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are pushing higher to test resistance at 104.24, the 76.4% Fibonacci expansion. A break above this barrier initially exposes the 100% level at 105.16. Near-term support is at 103.67, the 61.8% Fib, with a move back below that eyeing the 50% expansion at 103.20.

Dollar Pauses to Digest Breakout, SPX 500 Trying to Expose 1900 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

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

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