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US Dollar Testing May High, Gold and Crude Oil Find Interim Support

US Dollar Testing May High, Gold and Crude Oil Find Interim Support

2014-06-04 04:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Trying to Overcome Resistance at May High
  • S&P 500 Pullback Hinted by Hanging Man Candlestick
  • Crude Oil, Gold Sellers Take a Break at Chart Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices areattempting to build higher anew after bouncing from support in the 10474-95 area. Near-term resistance is at 10531, the May 28 high. A breach above that on a daily closing basis clears the way for a challenge of the 10589-619 region. Alternatively, a reversal back below 10474 targets falling channel top resistance-turned-support set from January, now at 10417.

US Dollar Testing May High, Gold and Crude Oil Find Interim Support

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.The appearance of a Hanging Man candlestick warns a pullback may be in the cards however. Reversing back below1919.40 clears the way for a descent to 1908.40, marked by the 50% expansion.

US Dollar Testing May High, Gold and Crude Oil Find Interim Support

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 Testing May High, Gold and Crude Oil Find Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke support at a rising 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. Alternatively, a reversal back above the trend line (now recast as resistance at 103.14) targets a downward-sloping barrier connecting major swing highs since early March, currency at 104.29.

US Dollar Testing May High, Gold and Crude Oil Find Interim Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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