THE TAKEAWAY: The US Dollar continued to grind higher, seemingly deviating from pure risk on/off dynamics, as the SP 500 rebounded to take aim at the 1600 figure anew.
US DOLLAR TECHNICAL ANALYSIS– Prices edged above resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high. A break above that aims for the 38.2% level at 10643. Alternatively, a move back below 10547 targets a rising trend line set from late March, now at 10446.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices edged above resistance at 1572.90, the 14.6% Fibonacci expansion, to aim for the 23.6% level at 1595.90. A further push above that aims for the 38.2% Fib at 1633.20. Alternatively, a reversal back beneath 1572.90 exposes the April 18 low at 1535.60.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices put in a Dark Cloud Cover candlestick pattern below resistance at 1434.43, the 38.2% Fibonacci retracement, hinting a move lower is ahead. Near-term support is at 1391.30, the 23.6% level, with a break beneath that aiming for the April 16 low at 1321.59. Alternatively, a push above 1434.43 aims for the 50% retracement at 1469.28.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices broke above resistance at 88.45, the 23.6% Fibonacci retracement. The bulls now target the 38.2% mark at 90.21, with a further push above that aiming for the 50% Fib at 91.63. Alternatively, a move back below 88.45 targets the 14.6% retracement at 87.37.
Daily Chart – Created Using FXCM Marketscope 2.0
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— 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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