Forex Analysis: US Dollar Waits for Sentiment Cues as S&P 500 Stalls
THE TAKEAWAY: The US Dollar is waiting for directional cues from risk sentiment trends as the S&P 500 stalls after hitting a four-month high.
US DOLLAR TECHNICAL ANALYSIS- Prices turned lower from resistance at the top of a rising channel set from mid-September, taking out near-term support at smaller channel bottom to expose the 50% Fibonacci retracement at 10038. A further push below that aims for the 61.8% level at 10009. Near-term resistance is at 10066, the 23.6% retracement, followed by the channel bottom at 10091.
Daily Chart - Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS - Prices are testing resistance at 1474.90, the September 14 high. A break upward targets the 100% Fibonacci expansion at 1459.70. Near-term support is at 1470.40, the 76.4% expansion, with a turn back below that targeting the 61.8% level at 1454.50.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS - Prices are wedged between a major rising trend line set from mid-May 2012 and the 38.2% Fibonacci retracement at 1674.78. Resistance is reinforced by a falling trend line established from the November 23 2012 high. A break higher exposes the 50% Fib at 1689.95. Alternatively, a push below the trend line (now at 1645.95) targets the channel bottom at 1616.31.
Daily Chart - Created Using FXCM Marketscope 2.0
Want to learn more about RSI? Watch this Video.
CRUDE OIL TECHNICAL ANALYSIS- Prices took out trend line resistance set from late February, initially exposing support-turned-resistance at 94.61. A break above that targets a rising channel top at 96.01. The trend line (now at 92.84) has been recast as support, with a drop back below that aiming for the 92.00 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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US DOLLAR TECHNICAL ANALYSIS- Prices turned lower from resistance at the top of a rising channel set from mid-September, taking out near-term support at smaller channel bottom to expose the 50% Fibonacci retracement at 10038. A further push below that aims for the 61.8% level at 10009. Near-term resistance is at 10066, the 23.6% retracement, followed by the channel bottom at 10091.
Daily Chart - Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS - Prices are testing resistance at 1474.90, the September 14 high. A break upward targets the 100% Fibonacci expansion at 1459.70. Near-term support is at 1470.40, the 76.4% expansion, with a turn back below that targeting the 61.8% level at 1454.50.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS - Prices are wedged between a major rising trend line set from mid-May 2012 and the 38.2% Fibonacci retracement at 1674.78. Resistance is reinforced by a falling trend line established from the November 23 2012 high. A break higher exposes the 50% Fib at 1689.95. Alternatively, a push below the trend line (now at 1645.95) targets the channel bottom at 1616.31.
Daily Chart - Created Using FXCM Marketscope 2.0
Want to learn more about RSI? Watch this Video.
CRUDE OIL TECHNICAL ANALYSIS- Prices took out trend line resistance set from late February, initially exposing support-turned-resistance at 94.61. A break above that targets a rising channel top at 96.01. The trend line (now at 92.84) has been recast as support, with a drop back below that aiming for the 92.00 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
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