News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Still Mired in a Range Above February Bottom
  • S&P 500 Chart Setup Hints at Rebound from Support Level
  • Crude Oil Prices Sinking to Support Above $97.00 Figure

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSISPrices continue to consolidate above support at 10520, the February 17 low. Near-term resistance is at 10599, the 38.2% Fibonacci retracement, with a break above that initially exposing the 50% level at 10629. Alternatively, a push below support on a daily closing basis eyes the 38.2% Fib expansion at 10492.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_5.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSISPrices put in a Hammer candlestick below support at the bottom of a rising channel set from mid-February, hinting a bounce may be ahead. Initial resistance is at 1889.20, the 23.6% Fibonacci expansion, with a break above that targeting the channel top at 1897.60. Alternatively, a break below the channel floor (now at 1864.40) aims for the 23.6% Fib retracement at 1853.00.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_6.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1371.70, the 38.2% Fibonacci expansion. A break above this boundary exposes the 50% level at 1385.46. Near-term support is at 1354.66, marked by the 23.6% Fib and a falling trend line set from April 2013. A reversal below that initially targets rising channel resistance-turned-support at 1339.59.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_7.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – The formation of a Dark Cloud Cover candlestick pattern preceded a turn lower, as expected. Sellers are now approaching support at 97.17, the 38.2% Fibonacci expansion, with a break below that exposing the 50% level at 94.69. Near-term resistance is in the 100.23-73 area, marked by the 23.6% Fib and the December 27 high.

Forex_US_Dollar_Mired_in_Familiar_Range_SPX_500_Aiming_to_Rebound_body_Picture_8.png, US Dollar Mired in Familiar Range, SPX 500 Aiming to Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES