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 Breaks Down from Range, SPX 500 Rebounds at Support

Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

Talking Points:

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

US DOLLAR TECHNICAL ANALYSISPrices narrowly edged above chart resistance, hinting further gains may be ahead. A daily close above the 76.4% Fibonacci retracementat 12037 exposes the March 13 high at 12149. Alternatively, a turn below the 61.8% Fib at 11960 clears the way for a test of the 50% retracement at 11898.

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 rebounded from trend line support to test the 23.6% Fibonacci expansion at 2121.80, with a break above that on a daily closing basis exposing the 38.2% level at 2136.00. Alternatively, a turn below the 2100.00-02.10 area (trend line, 38.2% Fib retracement) targets the 50% threshold at 2088.60.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices accelerated downward anew, with sellers claiming a foothold below the $1200/oz figure. A close below range support at 1178.09 exposes the 38.2% Fibonacci expansion at 1169.31. Alternatively, a rebound above the 23.6% level at 1193.38 targets trend line support-turned-resistance at 1204.72.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices broke downward after spending much of May in consolidation mode. Support is now at 60.27 (38.2% Fibonacci retracement, trend line), with a break below that exposing the 50% level at 57.39. Alternatively, a turn above the 23.6% Fib at 63.84 targets a falling trend line at 66.27.

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