Crude Oil Hits 3-Week High, Gold Selloff Continues

| 28 mars, 2014 | 0 kommentarer

Talking Points:

  • US Dollar Looking for a Lifeline at Monthly Swing Bottom
  • SP 500 Forming Triangle Setup Below March Swing Top
  • Crude Oil Hits 3-Week High, Gold Continues Downward

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSISPrices continue to oscillate in a choppy range below resistance at 10595, the 38.2% Fibonacci retracement. A break below near-term support in the 10495-500 area, marked by the 38.2% Fib expansion and the March 19 low, exposes the 50% mark at 10470. Alternatively, a reversal above resistance aims for the 50% Fib retracement at 10626.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_5.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart – Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

SP 500 TECHNICAL ANALYSIS – Prices remain in consolidation mode above support is in the 1847.90-53.00 area, marked by the 23.6% Fibonacci expansion, the December 31 close, and the bottom of an emerging Triangle chart formation. A break downward targets the 38.2% level at 1831.00. Alternatively, a push above downward-sloping resistance at 1873.60 aims for the March 7 high at 1888.60.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_6.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices reversed downward as expected after putting in a Bearish Engulfing candlestick pattern. A break below the 23.6% Fibonacci expansion at 1319.01 has exposed the 38.2% level at 1273.88, with a further move below that eyeing the 50% Fib at 1237.40. Alternatively, a reversal back above 1319.01 aims for trend line support-turned-resistance is now at 1349.13.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_7.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are pushing higher as expected after putting in a bullish Morning Star candlestick pattern. A break above resistance at 100.83, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 102.87. Pushing further above that aims for the 50% Fib at 104.52. Alternatively, a move back below 100.83 exposes the 14.6% expansion at 99.57.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_8.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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 *