THE TAKEAWAY: The US Dollar continued to drift higher within a familiar range while the SP 500 pushed upward to set a new record high above the 1600 figure.
US DOLLAR TECHNICAL ANALYSIS– Prices recovered after putting in a Hammer candlestick above support in the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. Buyers have now cleared resistance at 10488, the 14.6% level, exposing the March 11 high at 10576. A further push above that targets the 38.2% Fib expansion at 10655. The 10488 level has been recast as support, with a turn back beneath that eyeing 10424-28 anew.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices broke resistance marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure. Buyers now look to challenge the 38.2% level at 1633.20, with a further push beyond that aiming for the 50% Fib at 1663.30. Alternatively, a reversal back below 1595.90 initially exposes the14.6% expansion at 1572.90.
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 narrowly edged above resistance at 95.68, the 61.8% Fibonacci expansion. Buyers now stand to challenge the 97.00 figure, marked by the 76.4% Fibonacci expansion and reinforced by a falling trend line set from late January. A break above that targets the 100% level at 99.14. The 95.68 has been recast as near-term support, with a reversal back beneath that aiming for the 50% expansion at 94.62.
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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