US Dollar Clings to Support, S&P 500 Still at Risk of Downturn

| 3 april, 2013 | 0 kommentarer

THE TAKEAWAY: The US Dollar has managed to cling to technical support for now. SP 500 positioning continues to warn of a downward reversal looming ahead.

US DOLLAR TECHNICAL ANALYSIS Prices bounced from support at 10420, the 23.6% Fibonacci retracement, to test falling trend line resistance at 10461. A break above that aims for the 23.6% expansion at 10518. Alternatively, a reversal below support targets the 38.2% retracement at 10324.

Forex_US_Dollar_Clings_to_Support_SP_500_Still_at_Risk_of_Downturn_body_Picture_5.png, US Dollar Clings to Support, Samp;P 500 Still at Risk of Downturn

Daily Chart – Created Using FXCM Marketscope 2.0

SP 500 TECHNICAL ANALYSIS – Prices appear to be carving out a bearish Rising Wedge chart pattern below support in the 1575.10-76.10 area, marked by the 50% Fibonacci expansion and the index’s record high. Negative RSI divergence reinforces the case for a downside scenario. A break below the wedge bottom at 1563.70 targets a channel bottom at 1550.40. Alternatively, a break above 1576.10 exposes the 61.8% expansion at 1584.50.

Forex_US_Dollar_Clings_to_Support_SP_500_Still_at_Risk_of_Downturn_body_Picture_6.png, US Dollar Clings to Support, Samp;P 500 Still at Risk of Downturn

8hr Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke support at 1562.58, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1545.78. Near-term resistance is at 1583.37, the 23.6% Fib. A reversal back above that eyes the 14.6% expansion at 1596.19, a barrier reinforced by the underside of a formerly broken rising trend line set from late February.

Forex_US_Dollar_Clings_to_Support_SP_500_Still_at_Risk_of_Downturn_body_Picture_7.png, US Dollar Clings to Support, Samp;P 500 Still at Risk of Downturn

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are pulling back from resistance at 97.67, the 123.6% Fibonacci expansion. Near-term support is at 96.55, the 100% level, with a break beneath that eyeing a formerly broken falling trend line at 95.98. Alternatively, a reversal above resistance aims for the 138.2% Fib at 98.36.

Forex_US_Dollar_Clings_to_Support_SP_500_Still_at_Risk_of_Downturn_body_Picture_8.png, US Dollar Clings to Support, Samp;P 500 Still at Risk of Downturn

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 *