US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

DailyFX

THE TAKEAWAY: The US Dollar found fuel for another push higher after two days of indecision while the S&P 500 continued to recover, reclaiming the 1600 figure.

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US DOLLAR TECHNICAL ANALYSIS Prices are pushing higher eyeing resistance at 10781, the 76.4% Fibonacci retracement. A break higher exposes the May 29 swing high at 10877. Initial support is at 10721, the 61.8% level, with a drop beneath that eyeing the 50% Fib at 10673.

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Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_5.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A break above the 23.6% Fibonacci retracement 1589.40 has exposed the next upside barrier in the 1608.10-13.10 area, marked by a rising trend line and the 38.2% level. Pushing above this exposes the 50% Fib at 1623.30. The 1589.40 mark has been recast as near-term support.

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Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_6.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke support at 1238.38, the 123.6% Fibonacci expansion, exposing the 138.2% level at 1216.49. A further push beneath that eyes the 150% Fib at 1198.80. The 1238.38 mark has been recast as near-term resistance, with a reversal back above that targeting the 100% expansion at 1273.77.

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Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_7.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at a rising trend line set from mid-April, hinting a rebound may be ahead. Initial resistance is at 95.88, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 97.87. Alternatively, move beneath trend line support (now at 93.99) exposes an upward-sloping barrier set from the May 1 low at 92.14, followed by the June 3 bottom at 91.23.

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Forex_US_Dollar_Resumes_Advance_SP_500_Reclaims_1600_Figure_body_Picture_8.png, US Dollar Resumes Advance, S&P 500 Reclaims 1600 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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