Talking Points:
- US Dollar Still Waiting for Direction Near March Bottom
- SP 500 Testing Upper Bound of Recent Consolidation
- Gold Prices Near Chart Support, Crude Oil Rally Stalling
Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices are still trading sideways in a choppy range below resistance at 10595, the 38.2% Fibonacci retracement. A push through initial support in the 10495-500 area, marked by the 38.2% Fib expansion and the March 19 low, targets the 50% level at 10470. Alternatively, a turn back above resistance exposes the 50% Fib retracement at 10626.
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 remain in consolidation mode above support is in the 1847.90-53.00 area, marked by the 23.6% Fibonacci expansion, the December 31 close, and the bottom of an emerging Triangle chart formation. A break downward targets the 38.2% level at 1831.00. Alternatively, a push above downward-sloping resistance at 1871.10 aims for the March 7 high at 1888.60.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices reversed downward as expected after putting in a Bearish Engulfing candlestick pattern. A break below the 23.6% Fibonacci expansion at 1319.01 has exposed the 38.2% level at 1273.88, with a further move below that eyeing the 50% Fib at 1237.40. Alternatively, a reversal back above 1319.01 aims for trend line support-turned-resistance now at 1352.35.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices are pushing higher as expected after putting in a bullish Morning Star candlestick pattern. A break above resistance at 100.83, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 102.87. Pushing further above that aims for the 50% Fib at 104.52. Alternatively, a move back below 100.83 exposes the 14.6% expansion at 99.57.
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