Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

THE TAKEAWAY: The US Dollar turned lower from a six-month high as expected while the S&P 500 finally punched through the closely-watched 1500 figure.

US DOLLAR TECHNICAL ANALYSIS Prices turned lower as expected after putting in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10194). Sellers are testing initial support near 10153, the 50% level, with a sustained push below that targeting the 38.2% Fib at 10124. Alternatively, a push above the channel top exposes the 76.4% expansion at 10216.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_body_Picture_4.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke resistance at 1459.90, the 100% Fibonacci expansion, exposing the 123.6% level at 1521.30. A further push above that eyes the 138.2% expansion at 1537.00. The 1459.90 level has been recast as support, with a reversal back blow that aiming for the 1470.40-74.90 area.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_body_Picture_3.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices completed a bullish Morning Star candlestick pattern above major rising trend line support dating back to mid-May (1653.31), hinting a rebound is ahead. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1701.65. Alternatively, a reversal below support aims for the January 4 low at 1625.69 and a falling channel bottom at 1603.70.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_body_Picture_2.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices are testing through resistance at 97.41, a former range top, with a break above that exposing the September 14 high at 100.40. Near-term support is at 96.54, the 76.4% Fibonacci retracement, and a rising trend line set from mid-December (96.32). A break below that targets the 94.15-61 area.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_body_Picture_1.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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