Dollar Eyes Resistance as S&P 500 Sinks Back to Key Support

| 18 april, 2013 | 0 kommentarer

THE TAKEAWAY: The US Dollar has moved to challenge the upper boundary of its recent range while the SP 500 has retreated to a trend-defining support level.

US DOLLAR TECHNICAL ANALYSIS Prices continue to consolidate in a choppy range below resistance at 10547, the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 10643. Trend line support is at 10438, with a reversal beneath that eyeing the April 2 low at 10391.

Forex_Dollar_Eyes_Resistance_as_SP_500_Sinks_Back_to_Key_Support_body_Picture_4.png, Dollar Eyes Resistance as Samp;P 500 Sinks Back to Key Support

Daily Chart – Created Using FXCM Marketscope 2.0

SP 500 TECHNICAL ANALYSIS – Prices are hovering above support above 1537.30, the 23.6% Fibonacci retracement. A break below this boundary targets the 38.2% level at 1500.00. Near-term resistance is at 1597.60, the April 11 high.

Forex_Dollar_Eyes_Resistance_as_SP_500_Sinks_Back_to_Key_Support_body_Picture_3.png, Dollar Eyes Resistance as Samp;P 500 Sinks Back to Key Support

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are staging a shallow recovery from support at 1341.88, the 114.6% Fibonacci expansion. Near-term resistance is at 1376.93, the 100% level, with a break above that exposing the 1400/oz figure and the 76.4% Fib at 1433.58. Alternatively, a reversal below support targets the 123.6% Fib at 1320.28.

Forex_Dollar_Eyes_Resistance_as_SP_500_Sinks_Back_to_Key_Support_body_Picture_2.png, Dollar Eyes Resistance as Samp;P 500 Sinks Back to Key Support

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the underside of a previously broken rising trend line set from the March 4 low. Sellers have now cleared support at 87.38, the 76.4% Fibonacci retracement, exposing the 84.04-85.19 area marked by the November 7 and December 11 2012 swing lows. The 87.38 mark has been recast as near-term resistance, with a move back above that eyeing the 61.85% Fib at 89.45.

Forex_Dollar_Eyes_Resistance_as_SP_500_Sinks_Back_to_Key_Support_body_Picture_1.png, Dollar Eyes Resistance as Samp;P 500 Sinks Back to Key Support

Daily Chart – Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download historical data here.

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

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *