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US Dollar Pushed to Key Support as Risky Assets Rebound

US Dollar Pushed to Key Support as Risky Assets Rebound

2010-07-09 03:10:00
Ilya Spivak, Sr. Currency Strategist

MSCI WORLD STOCK INDEX – Prices have taken out resistance at $1078.69, the 23.6% Fibonacci retracement of the 4/15-5/25 downswing. From here, the door is open for a challenge of the psychologically significant $1100 figure and the 38.2% Fib at $1110.30.


US DOLLAR INDEX – The greenback stands at a critical juncture as prices test support at a rising trend line established from the major swing low in December 2009. A break below this boundary exposes the next layer of support at 82.38. A bounce sees initial resistance at 85.27.


CRUDE OIL – Prices have rebounded from support at $71.81, the 50% Fibonacci retracement of the 5/20-6/28 upswing, to meet resistance at the 23.6% Fib ($75.81). A push higher will expose the June swing high at $79.38 and the $80 figure.


GOLD – Prices have found near term support just above 1181.09, the 38.2% Fibonacci retracement of the upswing from early February, after breaking down out of a bearish Rising Wedge chart formation. Continued selling targets the 50% Fib at $1155.08, while the 23.6% Fib at $1213.27 marks initial resistance.


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