Talking Points:
- US Dollar Rejected Downward to Retest Wedge Top as Support
- SP 500 Still Locked in a Familiar Range above the 1800 Figure
- Crude Oil Struggling with Upside Follow-Through, Gold Sinking
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices pulled back from resistance at 10590, the 23.6% Fibonacci expansion to retest broken falling wedge resistance-turned-support at 10539. Breaking back below this barrier initially targets the March 19 low at 10495. Alternatively, a reversal back above 10590 exposes the 38.2% level at 10649.
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 are in consolidation mode below support-turned-resistance at the bottom of a rising channel set from mid-February (1887.70). Near-term support is 1853.00, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1831.00. Alternatively, a break above resistance exposes the March 7 high at 1888.60.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices continue to fall having 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 1344.85.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to build upward momentum after putting in a bullish Morning Star candlestick pattern. A break above resistance at 99.57, the 14.6% Fibonacci expansion, exposes the 23.6% level at 100.83. Near-term support is at 97.53, the March 12 low.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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