THE TAKEAWAY: The US Dollar is stalling having run into technical resistance while the SP 500 has resumed an aggressive advance, marching higher toward the 1600 figure.
US DOLLAR TECHNICAL ANALYSIS– Prices recoiled from resistance below the 23.6% Fibonacci expansion at 10547. Falling channel resistance-turned-support is at 10433, with a push beneath that eyeing the April 2 low at 10391. Alternatively, a reversal back above 10547 targets the 38.2% level at 10641
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices pushed higher anew, taking out the 50% Fibonacci expansion at 1583.90 to expose the 61.8% level at 1594.50. A further push above that aims for the 76.4% level at 1607.70. The 1583.90 mark has been recast as support, with a reversal back beneath that eyeing the 38.2% Fib at 1573.30. Negative RSI divergence warns of ebbing bullish momentum, hinting a reversal may be in the cards ahead.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices recoiled from resistance at 1586.48, the 23.6% Fibonacci expansion, taking out support at 1565.69 marked by the 38.2% level. Sellers now aim to challenge the 50% Fib at 1458.89, with a drop below that eyeing the 61.8% expansion at 1532.09. Alternatively, a reversal back above 1565.69 exposes 1586.48 anew.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices broke above resistance at 93.91, the 23.6% Fibonacci expansion, exposing the 38.2% level at 95.13. A further push beyond that targets the 50% level at 96.11. Alternatively, a reversal back beneath 93.91 aims for the April 5 low at 91.95.
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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