Talking Points:
- US Dollar Begins Cautious Recovery with Minor ResistanceBreak
- SP 500 Mired in Consolidation Mode Below March Swing High
- Crude Oil Attempting to Build Higher, Gold Finds Interim Support
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices recovered to take out resistance at the top of a minor falling channel, exposing the 23.6% Fibonacci expansion at 10590. A break above this barrier initially targets the 38.2% level at 10649. Channel top support-turned-resistance is now at 10560.
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 (1881.60). 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 fell as expected after putting in a Bearish Engulfing candlestick pattern. Initial support is at 1319.01, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 1273.88. Trend line support-turned-resistance is now at 1342.09. Above that aims for the March 17 high at 1391.97.
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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