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US Dollar Pressured Toward March Lows, Gold Bounces as Expected

US Dollar Pressured Toward March Lows, Gold Bounces as Expected

2014-04-07 08:45:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Pressured Lower Toward March Swing Bottom
  • S&P 500 Recoils from 1900 Figure, Eyes Channel Floor
  • Gold Rebounds as Expected, Crude Oil Forming Triangle

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

US DOLLAR TECHNICAL ANALYSISPrices are edging lower within the confines of a falling channel.Near-term support is in the 10495-500 area, marked by the 38.2% Fibonacci expansion and the March 19 low. A break below this boundary aims for the channel bottom at 10488, followed by the 50% level at 10470. Alternatively, a push above the channel top at 10573 aims for the 38.2% Fib retracement at 10595.

US-Dollar-Pressured-Toward-March-Lows-Gold-Bounces-as-Expected_body_Picture_5.png, US Dollar Pressured Toward March Lows, Gold Bounces as Expected

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 ANALYSIS – Prices recoiled downward having found resistance below the 1900.00 figure. Rising channel support lines up at 1851.40, with a break below that initially targeting the 38.2% Fibonacci retracement at 1837.50. Channel top resistance is now at 1896.20

US-Dollar-Pressured-Toward-March-Lows-Gold-Bounces-as-Expected_body_Picture_6.png, US Dollar Pressured Toward March Lows, Gold Bounces as Expected

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Bullish Engulfing candlestick pattern above support at 1273.88, the 38.2% Fibonacci expansion. Near-term resistance is at 1319.01, the 23.6% level, with a break above that aiming for trend line support-turned-resistance at 1357.89. Alternatively, a reversal below support eyes the 50% Fib at 1237.40.

US-Dollar-Pressured-Toward-March-Lows-Gold-Bounces-as-Expected_body_Picture_7.png, US Dollar Pressured Toward March Lows, Gold Bounces as Expected

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are consolidating within the confines of a Triangle pattern, a setup hinting at upward trend continuation. Confirmation requires a daily close above the formation’s top, now at 101.18, with a break initially exposing the March 28 high at 102.21. Alternatively, a push through support at 100.36, the 23.6% Fibonacci expansion, exposes the 99.21-40 area marked by the Triangle bottom and the 38.2% level.

US-Dollar-Pressured-Toward-March-Lows-Gold-Bounces-as-Expected_body_Picture_8.png, US Dollar Pressured Toward March Lows, Gold Bounces as Expected

Daily Chart - Created Using FXCM Marketscope 2.0

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

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