US Dollar: Is the Rebound a Correction or a Bullish Trend Change?

| 22 april, 2014 | 0 kommentarer

Talking Points:

  • US Dollar: Is the Rebound a Correction or a Trend Change?
  • SP 500 Hits Two-Week High But Fails to Pierce Resistance
  • Crude Oil Sinks to Support Above $103, Gold Eyes April Low

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSISPrices rebounded as expected aftercompleting a bullish Piercing Line candlestick pattern. Initial resistance lines up in the 10469-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. A break above the latter barrier exposes the 38.2% Fib at 10536. Near-term support is at 10400, the April 10 low.

US Dollar: Is the Rebound a Correction or a Bullish Trend Change?

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 rebounded as expected after putting in a Piercing Line candlestick pattern. Buyers are now poised to challenge the 38.2% Fibonacci expansion at 1870.70, with a break above that exposing the 50% level at 1889.70.Near-term support is at 1847.10, the 23.6% Fib, followed by the previously broken top of a rising channel at 1821.50.

US Dollar: Is the Rebound a Correction or a Bullish Trend Change?

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices reversed sharply downward, edging past support at 1303.93 marked by the 23.6% Fibonacci expansion and exposing the 38.2% level at 1287.14. A further push beneath that aims for the 50% Fib at 1273.57. Alternatively, a reversal back above 1303.93 sees the first layer of resistance at 1331.06, the April 15 high.

US Dollar: Is the Rebound a Correction or a Bullish Trend Change?

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices turned sharply lower below the 105.00 figure, sinking to challenge support at 103.11 marked by the 23.6% Fibonacci expansion. A break below this boundary initially exposes the 38.2% level at 101.96. Near-term resistance is at 104.96, the April 16 high, followed by the March 3 top at 105.19.

US Dollar: Is the Rebound a Correction or a Bullish Trend Change?

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *