Talking Points:
- US Dollar Still Mired in a Range Above February Bottom
- SP 500 Chart Setup Hints at Rebound from Support Level
- Crude Oil Prices Sinking to Support Above $97.00 Figure
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices continue to consolidate above support at 10520, the February 17 low. Near-term resistance is at 10599, the 38.2% Fibonacci retracement, with a break above that initially exposing the 50% level at 10629. Alternatively, a push below support on a daily closing basis eyes the 38.2% Fib expansion at 10492.
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 put in a Hammer candlestick below support at the bottom of a rising channel set from mid-February, hinting a bounce may be ahead. Initial resistance is at 1889.20, the 23.6% Fibonacci expansion, with a break above that targeting the channel top at 1897.60. Alternatively, a break below the channel floor (now at 1864.40) aims for the 23.6% Fib retracement at 1853.00.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1371.70, the 38.2% Fibonacci expansion. A break above this boundary exposes the 50% level at 1385.46. Near-term support is at 1354.66, marked by the 23.6% Fib and a falling trend line set from April 2013. A reversal below that initially targets rising channel resistance-turned-support at 1339.59.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – The formation of a Dark Cloud Cover candlestick pattern preceded a turn lower, as expected. Sellers are now approaching support at 97.17, the 38.2% Fibonacci expansion, with a break below that exposing the 50% level at 94.69. Near-term resistance is in the 100.23-73 area, marked by the 23.6% Fib and the December 27 high.
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