THE TAKEAWAY: The US Dollar remains locked in choppy consolidation while gold and the SP 500 have found interim support after sharp losses earlier in the week.
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 found support above 1537.30, the 23.6% Fibonacci retracement, and corrected higher. Near-term resistance is at 1597.60, the April 11 high. A return of selling pressure that takes prices below 1537.30 targets the 38.2% level at 1500.00.
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. Initial support has been found at 87.38, the 76.4% Fibonacci retracement. Near-term resistance is at 89.45, the 61.8% level, with a reversal above that eyeing the 50% Fib at 91.13. Alternatively, a push downward through support targets swing lows at 85.19 and 84.04.
Daily Chart – Created Using FXCM Marketscope 2.0
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— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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