THE TAKEAWAY: The US Dollar managed to cling to near-term chart support while the SP 500 failed to build enough momentum to overcome the 1600 figure yet again.
US DOLLAR TECHNICAL ANALYSIS– Prices broke support at a rising trend line set from late February to challenge the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. A break beneath that aims for the 38.2% level at 10330. Trend line support-turned-resistance is now at 10462.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices turned lower after putting in a Hanging Man candlestick pattern below resistance marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure. Near-term support is at 1572.90, the14.6% expansion, with a drop beneath that targeting the 23.6% Fib retracement at 1537.30. Alternatively, a reversal above resistance aims for the 38.2% expansion at 1633.20.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance at 1487.65, the 61.8% Fibonacci retracement. Near-term support is at 1455.94, the 50% level, with a break below that targeting the 38.2% Fib at 1424.23. Alternatively, a move above resistance aims for the 76.4% retracement at 1526.88.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices turned lower after completing a bearish Dark Cloud Cover candlestick pattern, taking out the 23.6% Fibonacci expansion at 91.82 to challenge the 38.2% level at 90.06. A further push beneath that aims for the 50% Fib at 88.64. The 91.82 mark has been recast as near-term resistance, with a turn back above that eyeing swing highs in the 94.66-79 area.
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
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