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US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Selloff Continues as Prices Hit 5-Month Low
  • S&P 500 Rebounds from Chart Support Above 1800.00
  • Crude Oil Overcomes $103.00, Gold Recovery Continues

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

US DOLLAR TECHNICAL ANALYSISPrices continue to sink, with sellers now poised to challenge the 76.4% Fibonacci expansion at 10401. A break below that exposes the 100% level at 10339. Alternatively, a bounce above the 61.8% Fib at 10439 aims for the 50% expansion at 10470.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_5.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

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 rebounded from support at the bottom of a rising channel support set from mid-February, eyeing initial resistance at the formation’s upper boundary (1895.50). Channel floor support is at 1846.30, with a reversal below that targeting the 38.2% Fibonacci retracement at 1837.50.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_6.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Bullish Engulfing candlestick pattern. Buyers are now aiming to test resistance at 1327.29, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1358.41. Near-term support is at 1308.11, the 14.6% Fib. A reversal back below that targets the April 1 low at 1277.00.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_7.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected out of a Triangle chart formation. Buyers are now aiming to challenge resistance at 104.33 marked by the 50% Fibonacci expansion. A further push above that aims for the 61.8% level at 105.98. Near-term support is at 102.68, the 38.2% Fib, followed by the intersection of the 23.6% expansion and the Triangle top at 100.64.

US-Dollar-Selloff-Continues-as-Gold-Crude-Oil-and-SPX-500-Score-Gains_body_Picture_8.png, US Dollar Selloff Continues as Gold, Crude Oil and SPX 500 Score Gains

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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