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US Dollar Bounces Despite Standstill in Other Markets

US Dollar Bounces Despite Standstill in Other Markets

2010-07-22 03:01:00
Ilya Spivak, Sr. Currency Strategist
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MSCI WORLD STOCK INDEX – Prices continue to stall at horizontal support at $1091.00 having turned lower after testing resistance at a falling trend line connecting major swing lows since May. A move below this boundary will expose the triple bottom at $1032.14. The aforementioned trend line (now at $1112.24) is acting as initial resistance.

technicals072120101

US DOLLAR INDEX – Have bounced from horizontal support-turned-resistance at 82.38 eyeing resistance at a previously broken rising trend line established from the major swing low in December 2009 (now at 84.26). A move above this boundary would confirm the recent downturn as corrective and signal a return to the longer-term uptrend.

technicals072120102

CRUDE OIL
– Prices continue to consolidate inside a rising channel. Initial resistance stands at $78.40, the 61.8% Fibonacci retracement of the 5/3-5/20 downswing. Support is seen at 75.69, the 50% Fib.

technicals072120103

GOLD – Bullish follow-through has proved elusive after prices have put in a Piercing Line bullish candlestick formation above support at a rising trend line established from the swing bottom in early February. A bounce sees initial resistance at the $1200 figure, followed by a horizontal barrier at $1215.47. Alternatively, a break lower sees initial support at $1170.

technicals072120104

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