US Dollar Clings to Support as Risky Assets Advance
MSCI WORLD STOCK INDEX – Prices have taken out resistance at a falling trend line connecting major swing highs since May to challenge June’s swing high at $1131.35. A break above this boundary exposes resistance at $1159.03.
US DOLLAR INDEX – Prices are testing support at 82.11, the 76.4% Fibonacci retracement of the 4/12-6/7 upswing, having broken below a rising trend line established from the major swing low in December 2009. Early signs of positive RSI divergence hint that a rebound may materialize from here. Alternatively, continued selling sees support just above the 80.00 figure.
CRUDE OIL – Prices have continued to push higher having bounced from support at the bottom of a rising channel established from late April, with the bulls now threatening resistance at $79.38, the June swing top. Continued gains from here will challenge the channel top, now at $81.46.
GOLD – Positioning has been little changed in recent weeks with prices consolidating at support marked by 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.
For real time news and analysis, please visit http://www.dailyfx.com/real_time_news
To receive future articles by email, please contact Ilya at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.