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US Dollar Sinks to Support as S&P 500 Eyes 1600 Figure

US Dollar Sinks to Support as S&P 500 Eyes 1600 Figure

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is pulling back to technical support defining recent price action while the S&P 500 continues to flirt with challenging the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices are pulling back from resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high.Near-term support is seen at a rising trend line set from late March, now at 10448. A break below that initially eyes the April 2 low at 10391. Alternatively, a reversal above 10576 exposes the 38.2% level at 10643.

Forex_US_Dollar_Sinks_to_Support_as_SP_500_Eyes_1600_Figure_body_Picture_5.png, US Dollar Sinks to Support as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices continue to consolidate below resistance near the 1600 figure. A break above this barrier aims for the 38.2% Fibonacci expansion at 1633.20. Near-term support is at 1537.30, the 23.6% expansion, with a drop beneath that aiming for the 1500 mark.

Forex_US_Dollar_Sinks_to_Support_as_SP_500_Eyes_1600_Figure_body_Picture_6.png, US Dollar Sinks to Support as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Spinning Top candlestick below resistance at 1469.28, the 50% Fibonacci retracement, pointing to indecision and hinting a pullback may be ahead. Near-term support is 1434.43, the 38.2% Fib, with a break beneath that aiming for the 23.6% expansionat 1391.30. Alternatively, a break above 1469.28 on a daily closing basis exposes the 61.8%level at 1504.14.

Forex_US_Dollar_Sinks_to_Support_as_SP_500_Eyes_1600_Figure_body_Picture_7.png, US Dollar Sinks to Support as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing support at 92.62, the 76.4% Fibonacci retracement. A break back below this barrier exposes the 61.8% mark at 91.28. Near-term resistance is in the 93.84-94.79 area, marked by the April 10 and 25 swing highs. A push above that eyes rising trend line support-turned-resistance now at 97.46.

Forex_US_Dollar_Sinks_to_Support_as_SP_500_Eyes_1600_Figure_body_Picture_8.png, US Dollar Sinks to Support as S&P 500 Eyes 1600 Figure

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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