US Dollar Accelerates Downward, More Weakness Seen Ahead

| 4 juni, 2013 | 0 kommentarer

THE TAKEAWAY: The US Dollar continued to reverse lower as expected, with a break of technical support hinting at continued weakness on tap in the days ahead.

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US DOLLAR TECHNICAL ANALYSIS Prices moved lower as expected, taking out the 38.2% Fibonacci retracement level at 10694 and exposing the 50% Fib at 10638. A further push beneath that eyes the 61.8% level at 10582. The 10694 mark has been recast as near-term resistance.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_5.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart – Created Using FXCM Marketscope 2.0

SP 500 TECHNICAL ANALYSIS – Prices are testing support at 1625.60, the 14.6% Fibonacci retracement. A break below that exposes the 1600 figure and the 23.6% level at 1587.50. Near-term trend line resistance is at 1659.30, with a move above that eyeing the May 22 high at 1687.40.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_6.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern, hinting a turn lower may be ahead. Near-term support is at 1386.51, the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 1364.62. Initial resistance is at 1421.90, the May 31 swing high.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_7.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices appear to have completed a Head and Shoulders top chart formation. Sellers initially eye the May 1 low at 90.09 from here, but the HS setup implies a measured downside objective at 89.59. Neckline support-turned-resistance is at 93.64, with a move back above that eyeing the May 28 highat 95.89.

Forex_US_Dollar_Accelerates_Downward_More_Weakness_Seen_Ahead_body_Picture_8.png, US Dollar Accelerates Downward, More Weakness Seen Ahead

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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