THE TAKEAWAY: The US Dollar continues to drift sideways in a narrow range while the SP 500 is pushing upward, with prices challenging yet another technical barrier.
US DOLLAR TECHNICAL ANALYSIS– Prices are retesting recently broken resistance-turned-support at 10488, the 14.6% Fibonacci retracement. A break below that targets the 10424-28 area, marked by the 23.6% level and the March 22 close. Near-term resistance is at 10576, the March 11 high, with a reversal above that targeting the 38.2% Fib expansion at 10655.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices are testing resistance at 1633.20, the 38.2%Fibonacci expansion. A break higher targets the 50% level at 1663.30. Near-term support is marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure. A reversal back beneath that aims for the 14.6% expansion at 1572.90.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices continue to consolidate below resistance at 1487.65, the 61.8% Fibonacci expansion. A break above that initially exposes the 76.4% level at 1526.88. Near-term support is at 1448.77, the 14.6% Fib expansion, with a reversal beneath that aiming for the 23.6% mark at 1424.59.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices are testing resistance at the 97.00 figure, marked by the 76.4% Fibonacci expansion and a falling trend line set from early January. A break above that exposes the 100% level at 99.14. Near-term support is at 94.39, the 23.6% Fib retracement, with a drop beneath that eyeing the 38.2% mark at 92.71.
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
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed