THE TAKEAWAY: The US Dollar has managed to stage a recovery from support at a multi-month range bottom. The SP 500 continues to struggle with resistance at the 1600 figure.
US DOLLAR TECHNICAL ANALYSIS– Prices recovered after putting in a Hammer candlestick above support in the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. Near-term resistance is at 10576, the March 11 high, with a break above that targeting the 38.2% Fib expansion at 10655. Alternatively, a drop below 10424 exposes the 38.2% expansion at 10428.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices completed a bearish Evening Star candlestick pattern below resistance marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure, hinting at weakness ahead. Near-term support is at 1572.90, the14.6% expansion, with a drop beneath that targeting the 23.6% Fib retracement at 1537.30. Alternatively, a reversal above resistance aims for the 38.2% expansion at 1633.20.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance at 1487.65, the 61.8% Fibonacci retracement. Near-term support is at 1455.94, the 50% level, with a break below that targeting the 38.2% Fib at 1424.23. Alternatively, a move above resistance aims for the 76.4% retracement at 1526.88.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices broke back above the 23.6% Fibonacci expansion at 91.82 to challenge resistance in the 94.66-79 area, marked by the April 10 and 29 swing highs. A push higher beyond that aims for a falling trend line set from late January, now at 96.78. The 91.82 level has been recast as near-term support, with a move back beneath that targeting the 38.2% Fib at 90.06.
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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