THE TAKEAWAY: The US Dollar and SP 500 continue to probe at key technical barriers but a clear-cut breakout remains elusive for now.
US DOLLAR TECHNICAL ANALYSIS– Prices continue to consolidate in a choppy range below resistance at 10547, the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 10643. Trend line support is at 10443, with a reversal beneath that eyeing the April 2 low at 10391.
Daily Chart – Created Using FXCM Marketscope 2.0
SP 500 TECHNICAL ANALYSIS – Prices are testing support at 1537.30, the 23.6% Fibonacci retracement. A break below this boundary targets the 38.2% level at 1500.00. Near-term resistance is at 1597.60, the April 11 high.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices are recovering toward resistance at 1433.58, the 76.4% Fibonacci expansion. A break above that targets the 61.8% level at 1468.63. Near-term support is at 1376.93, the 100% Fib, with a reversal below that initially exposing the 114.6% expansion at 1341.88.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices are testing above resistance at 88.45, the 23.6% Fibonacci retracement, with a break higher targeting the 38.2% level at 90.21. Near-term support is at 87.37, the 14.6% Fib. A reversal beneath that aims for the April 18 low at 85.61.
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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