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Dollar Finds Support, S&P 500 Still Struggling with 1600 Mark

Dollar Finds Support, S&P 500 Still Struggling with 1600 Mark

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has managed to stage a recovery from support at a multi-month range bottom. The S&P 500 continues to struggle with resistance at the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices recovered after putting in a Hammer candlestick above support in the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. Near-term resistance is at 10576, the March 11 high, with a break above that targeting the 38.2% Fib expansion at 10655. Alternatively, a drop below 10424 exposes the 38.2% expansion at 10428.

Forex_Dollar_Finds_Support_SP_500_Still_Struggling_with_1600_Mark__body_Picture_5.png, Dollar Finds Support, S&P 500 Still Struggling with 1600 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices completed a bearish Evening Star candlestick pattern below resistance marked by the 23.6% Fibonacci expansion (1595.90) and the psychologically significant 1600 figure, hinting at weakness ahead. Near-term support is at 1572.90, the14.6% expansion, with a drop beneath that targeting the 23.6% Fib retracement at 1537.30. Alternatively, a reversal above resistance aims for the 38.2% expansion at 1633.20.

Forex_Dollar_Finds_Support_SP_500_Still_Struggling_with_1600_Mark__body_Picture_6.png, Dollar Finds Support, S&P 500 Still Struggling with 1600 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are consolidating below resistance at 1487.65, the 61.8% Fibonacci retracement. Near-term support is at 1455.94, the 50% level, with a break below that targeting the 38.2% Fib at 1424.23. Alternatively, a move above resistance aims for the 76.4% retracement at 1526.88.

Forex_Dollar_Finds_Support_SP_500_Still_Struggling_with_1600_Mark__body_Picture_7.png, Dollar Finds Support, S&P 500 Still Struggling with 1600 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke back above the 23.6% Fibonacci expansion at 91.82 to challenge resistance in the 94.66-79 area, marked by the April 10 and 29 swing highs. A push higher beyond that aims for a falling trend line set from late January, now at 96.78. The 91.82 level has been recast as near-term support, with a move back beneath that targeting the 38.2% Fib at 90.06.

Forex_Dollar_Finds_Support_SP_500_Still_Struggling_with_1600_Mark__body_Picture_8.png, Dollar Finds Support, S&P 500 Still Struggling with 1600 Mark

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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