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US Dollar Grinds Through, S&P 500 Fails to Breach 1600

US Dollar Grinds Through, S&P 500 Fails to Breach 1600

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar continues to grind through technical support levels. The S&P 500 pushed higher but failed to overcome the psychologically significant 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices broke support at a rising trend line set from late February to challenge the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. A break beneath that aims for the 38.2% level at 10330. Trend line support-turned-resistance is now at 10461.

Forex_US_Dollar_Grinds_Through_SP_500_Fails_to_Breach_1600_body_Picture_5.png, US Dollar Grinds Through, S&P 500 Fails to Breach 1600

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1595.90, the 23.6% Fibonacci expansion, but failed to breach the psychologically significant 1600 figure. A further move beyond that targets the 38.2% level at 1633.20. Alternatively, a reversal back below 1595.90 initially eyes the 14.6% expansion at 1572.90.

Forex_US_Dollar_Grinds_Through_SP_500_Fails_to_Breach_1600_body_Picture_6.png, US Dollar Grinds Through, S&P 500 Fails to Breach 1600

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke above resistance at 1469.28, the 50% Fibonacci retracement, as expected. Buyers now aim to challenge the 61.8% level at 1504.14, with a further push above that exposing the 76.4% Fib at 1547.27. The 1469.28 mark has been recast as near-term support. A reversal back beneath that targets the 38.2% retracement at 1434.43.

Forex_US_Dollar_Grinds_Through_SP_500_Fails_to_Breach_1600_body_Picture_7.png, US Dollar Grinds Through, S&P 500 Fails to Breach 1600

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices recoiled from resistance at 94.79, the April 10 high. Near-term support is at 92.62, the 76.4% Fib retracement, with a reversal beneath that aiming for the 61.8% mark at 91.28. Alternatively, a reversal above 94.79 targets the 123.6% Fibonacci extension at 96.96, a barrier reinforced by a falling trend line set from late January.

Forex_US_Dollar_Grinds_Through_SP_500_Fails_to_Breach_1600_body_Picture_8.png, US Dollar Grinds Through, S&P 500 Fails to Breach 1600

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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