US Dollar Poised to Take Aim at May High as S&P 500 Sinks

| 24 juni, 2013 | 0 kommentarer

THE TAKEAWAY: The US Dollar continues to push higher, with prices on track to challenge the May swing high, while the SP 500 continues to push lower after breaching support.

Capitalize on Shifts in Market Mood with the DailyFX Speculative Sentiment Index.

US DOLLAR TECHNICAL ANALYSIS Prices found interim support above a rising trend line set from late February and launched a sharp recovery, with the bulls now challenging the 76.4% Fibonacci retracement at 10781. A further push higher targets May 29 swing high at 10877. The 61.8% Fib at 10721 is acting as near-term support, with a reversal back beneath that eyeing the 50% retracement at 10673.

Forex_US_Dollar_Poised_to_Take_Aim_at_May_High_as_SP_500_Sinks_body_Picture_5.png, US Dollar Poised to Take Aim at May High as Samp;P 500 Sinks

Daily Chart – Created Using FXCM Marketscope 2.0

SP 500 TECHNICAL ANALYSIS – Prices dropped through a support cluster marked by rising trend lines set from mid-November 2012 and February of this year, with sellers now testing the 76.4% Fibonacci expansion at 1585.80. A further push beneath that aims for the 100% level at 1564.60. Alternatively, a recovery above the 1600 figure sees trend line support-turned-resistance at 1608.90.

Forex_US_Dollar_Poised_to_Take_Aim_at_May_High_as_SP_500_Sinks_body_Picture_6.png, US Dollar Poised to Take Aim at May High as Samp;P 500 Sinks

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices dove sharply lower, with sellers now testing the 100% Fibonacci expansion at 1273.77. A break beneath that exposes the 123.6% level at 1238.38. Near-term resistance is at 1309.16, the 76.4% Fib, followed by the 61.8% expansion at 1331.05.

Forex_US_Dollar_Poised_to_Take_Aim_at_May_High_as_SP_500_Sinks_body_Picture_7.png, US Dollar Poised to Take Aim at May High as Samp;P 500 Sinks

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing support in the 93.11-55 area, marked by the 76.4% Fibonacci retracement and a rising trend line set from mid-April. A break beneath that exposes an alternative upward-sloping barrier set from the May 1 low, now at the 92.00 figure, followed by the June 3 bottom at 91.23. Near-term resistance is at 94.27, the 61.8% Fib.

Forex_US_Dollar_Poised_to_Take_Aim_at_May_High_as_SP_500_Sinks_body_Picture_8.png, US Dollar Poised to Take Aim at May High as Samp;P 500 Sinks

8hr Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail [email protected]. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya’s e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *