THE TAKEAWAY: The US Dollar has moved to challenge the upper boundary of its recent range while the SP 500 has retreated to a trend-defining support level.
US DOLLAR TECHNICAL ANALYSIS– Prices continue to consolidate in a choppy range below resistance at 10547, the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 10643. Trend line support is at 10438, with a reversal beneath that eyeing the April 2 low at 10391.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices are hovering above support above 1537.30, the 23.6% Fibonacci retracement. A break below this boundary targets the 38.2% level at 1500.00. Near-term resistance is at 1597.60, the April 11 high.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are staging a shallow recovery from support at 1341.88, the 114.6% Fibonacci expansion. Near-term resistance is at 1376.93, the 100% level, with a break above that exposing the 1400/oz figure and the 76.4% Fib at 1433.58. Alternatively, a reversal below support targets the 123.6% Fib at 1320.28.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the underside of a previously broken rising trend line set from the March 4 low. Sellers have now cleared support at 87.38, the 76.4% Fibonacci retracement, exposing the 84.04-85.19 area marked by the November 7 and December 11 2012 swing lows. The 87.38 mark has been recast as near-term resistance, with a move back above that eyeing the 61.85% Fib at 89.45.
Daily Chart – Created Using FXCM Marketscope 2.0
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— 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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