THE TAKEAWAY: The US Dollar is turning lower anew after a brief recovery while the S&P 500 continues to hover at near-term technical support.
US DOLLAR TECHNICAL ANALYSIS– Prices are testing below support at 10454, the 14.6% Fibonacci retracement. A break lower exposes the 23.6% level at 10379, a barrier reinforced by a rising trend line set from mid-December. Near-term resistance is at 10514, with a reversal above that aiming for 10576.
Daily Chart - Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS – Prices are inching lower after putting in a bearish Harami candlestick pattern. Initial support is at 1531.50, the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% level at 1511.60. Near-term resistance is at 1563.90, the March 15 high. A reversal above that targets the index’s record high at 1576.10.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices broke above resistance at 1604.87, the 38.2% Fibonacci retracement, with buyers eyeing the 50% level at 1620.28. A further push above that aims for the 61.8% Fib at 1635.68. The 1604.87 mark has been recast support, with a turn back beneath that eyeing the 23.6% retracement at 1585.81.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices consolidating above support at the 92.00 figure, marked by the 23.6% Fibonacci expansion. Near-term resistance is at 93.77, the 50% Fib retracement. A break above that targets the 61.8% level at 94.82. Alternatively, a break below support exposes the 38.2% level at 90.73.
Daily Chart - Created Using FXCM Marketscope 2.0
--- 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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