Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

Talking Points:

  • US Dollar Snaps 4-Day Win Streak at Chart Resistance
  • S&P 500 Awaits Next Catalyst at March Swing Bottom
  • Gold Jumps Most in 2 Months, Crude Oil Stuck Sub-$60

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

US DOLLAR TECHNICAL ANALYSISPrices paused to digest gains, snapping a four-day winning streak. Near-term resistance is at 12066, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 12149-77 zone (23.6% level, March 13 high). Alternatively, a reversal below the 11858-86 area (23.6% Fib retracement, March 18 low)clears the way for a test of the 38.2% threshold at 11679.

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices moved lower as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the March 12low at 2040.10 exposes the 38.2% Fibonacci retracement at 2004.60. Alternatively, a reversal above the 14.6% Fib expansion at 2084.00 targets the 2111.00-19.40 area (23.6% threshold, February 25 high).

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices recoiled sharply higher after declining as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close above the 38.2% Fibonacci retracement at 1205.58 exposes the 50% level at 1225.04. Alternatively, a push below the 23.6% Fib expansion at 1180.90 targets the 38.2% threshold at 1156.83.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to tread water below the $60/barrel figure. A close above the March 26 high at 59.75 exposes the February 17 top at 62.98. Alternatively, a push below the 14.6% Fibonacci expansion at 52.76 targets the 23.6% level at 46.47.

Daily Chart - Created Using FXCM Marketscope

--- 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES