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US Dollar Poised Higher, Crude Oil Meets Resistance Above $104 Level

US Dollar Poised Higher, Crude Oil Meets Resistance Above $104 Level

2014-05-26 04:00:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar Poised Higher After Chart Resistance Break
  • S&P 500 Attempting to Secure a Foothold Above 1900
  • Crude Oil Meets Formidable Resistance Above $104.00

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

US DOLLAR TECHNICAL ANALYSIS – Prices look poised to continue higher having set a critical double bottom at 10375, the October 2013 floor. An upward trend change signaled by a break above resistance at the top of a falling channel guiding the down trend since January is seeing follow-through with a break of resistance in the 10474-95 area. The bulls now aim to challenge the 10589-619 region, with a move above that opening the door for an advance to year-to-date highs. Alternatively, a reversal back below 10474 eyes channel top support-turned-resistance at 10441.

US Dollar Poised Higher, Crude Oil Meets Resistance Above $104 Level

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 resistance in the 1897.40-1899.10 area, marked by the 38.2% Fibonacci expansion and the April 4 high. A break upward initially exposes the 50% level at 1908.40. Near-term support is in the 1883.80-88.60 region, bracketed by the March 7 high and the 23.6% Fib. A turn below that clears the way for a challenge of a rising trend line set from late April, now at 1869.60.

US Dollar Poised Higher, Crude Oil Meets Resistance Above $104 Level

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 1303.18-15.60 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.

US Dollar Poised Higher, Crude Oil Meets Resistance Above $104 Level

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance in the 104.24-40 area, marked by a falling trend line set from early March and 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.

US Dollar Poised Higher, Crude Oil Meets Resistance Above $104 Level

Daily Chart - Created Using FXCM Marketscope 2.0

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

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