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US Dollar Higher as Gold, Oil and S&P 500 Race Downward

US Dollar Higher as Gold, Oil and S&P 500 Race Downward

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has found fuel for a recovery from support as gold, crude oil and the S&P 500 are accelerating downward to start the trading week.

US DOLLAR TECHNICAL ANALYSIS Prices are correcting higher from falling channel resistance-turned-support set from early March (now at 10444). Near-term resistance is at 10546, the the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 10642. Alternatively, a reversal below 10444 aims for the April 2 low at 10391.

Forex_US_Dollar_Higher_as_Gold_Oil_and_SP_500_Race_Downward_body_Picture_4.png, US Dollar Higher as Gold, Oil and S&P 500 Race Downward

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are sinking after putting in a Bearish Engulfing candlesick pattern below resistance at 1594.50, the 61.8% Fibonacci expansion. Sellers are now testing below support at 1583.90, the 50% level, with a break below that exposing the 38.2% Fib at 1573.30. Alternatively, a reversal above 1594.50 aims for the 76.4% expansion at 1607.70.

Forex_US_Dollar_Higher_as_Gold_Oil_and_SP_500_Race_Downward_body_Picture_3.png, US Dollar Higher as Gold, Oil and S&P 500 Race Downward

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing long-term support at 1397.50, the 100% Fibonacci expansion. A break lower on a weekly closing basis exposes the 123.6% level at 1303.50. The first layer of major resistance lines up at 1491.50, the 76.4% Fib.

Forex_US_Dollar_Higher_as_Gold_Oil_and_SP_500_Race_Downward_body_Picture_2.png, US Dollar Higher as Gold, Oil and S&P 500 Race Downward

Weekly Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the underside of a previously broken rising trend line set from the March 4 low. Sellers are now testing below support is at 88.77, the 100% Fibonacci expansion, with a break below that exposing the 123.6% level at 86.67. Near-term resistance is at 90.87, the 76.4% Fib.

Forex_US_Dollar_Higher_as_Gold_Oil_and_SP_500_Race_Downward_body_Picture_1.png, US Dollar Higher as Gold, Oil and S&P 500 Race Downward

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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