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US Dollar Poised to Renew Rally, Crude Oil Probes Support Near $102

US Dollar Poised to Renew Rally, Crude Oil Probes Support Near $102

2014-06-03 03:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Recoils From Support, Aims to Renew Uptrend
  • S&P 500 Levitates to Produce Yet Another Record High
  • Crude Oil Edging Lower Toward Support Above $102.00

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

US DOLLAR TECHNICAL ANALYSIS – Prices have launched a swift recovery following a brief correction lower from two-month highs. Positioning has favored the upside after prices set a double bottom and broke the down trend from January. Near-term resistance is at 10531, the May 28 high. A move above that aims for the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of the channel top at 10421.

US Dollar Poised to Renew Rally, Crude Oil Probes Support Near $102

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 broke resistance at 1919.40, the 61.8%Fibonacci expansion, exposing the 76.4% level at 1933.00. A further push beyond that targets the 100% Fib at 1954.90.Alternatively, a reversal back below1919.40 clears the way for a descent to 1908.40, marked by the 50% expansion.

US Dollar Poised to Renew Rally, Crude Oil Probes Support Near $102

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Sellers are testing support at 1243.24, the 76.4% Fibonacci expansion. A break below this boundary exposes the 100% level at 1216.11. Resistance is at 1260.03, the 61.8% Fib, with a reversal back above that clearing the way for an advance into the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom.

US Dollar Poised to Renew Rally, Crude Oil Probes Support Near $102

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing through trend line support set from the May 1 low to challenge the 38.2% Fibonacci expansion at 102.11. A break below this barrier on a daily closing basis exposes the 50% level at 101.38. Falling trend line resistance is now at 104.32, followed by swing highs in the 104.49-105.19 area.

US Dollar Poised to Renew Rally, Crude Oil Probes Support Near $102

Daily Chart - Created Using FXCM Marketscope 2.0

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

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