THE TAKEAWAY: The US Dollar continues to grind through technical support levels. The SP 500 pushed higher but failed to overcome the psychologically significant 1600 figure.
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 10461.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1595.90, the 23.6% Fibonacci expansion, but failed to breach the psychologically significant 1600 figure. A further move beyond that targets the 38.2% level at 1633.20. Alternatively, a reversal back below 1595.90 initially eyes the 14.6% expansion at 1572.90.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices broke above resistance at 1469.28, the 50% Fibonacci retracement, as expected. Buyers now aim to challenge the 61.8% level at 1504.14, with a further push above that exposing the 76.4% Fib at 1547.27. The 1469.28 mark has been recast as near-term support. A reversal back beneath that targets the 38.2% retracement at 1434.43.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices recoiled from resistance at 94.79, the April 10 high. Near-term support is at 92.62, the 76.4% Fib retracement, with a reversal beneath that aiming for the 61.8% mark at 91.28. Alternatively, a reversal above 94.79 targets the 123.6% Fibonacci extension at 96.96, a barrier reinforced by a falling trend line set from late January.
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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