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US Dollar and SPX 500 Follow Through on Bullish Technical Signals

US Dollar and SPX 500 Follow Through on Bullish Technical Signals

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Recovery Extends for a Third Consecutive Day
  • S&P 500 Extends Bounce from Support Above 1800 Mark
  • Gold Recoils Downward, Crude Oil Struggling Above 104

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

US DOLLAR TECHNICAL ANALYSISPrices began to recover as expected afterputting in a bullish Piercing Line candlestick pattern. Initial resistance lines up in the 10473-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. A break above the latter barrier targets the 38.2% Fib at 10536. Near-term support is at 10400, the April 10 low.

US-Dollar-and-SPX-500-Follow-Through-on-Bullish-Technical-Signals_body_Picture_5.png, US Dollar and SPX 500 Follow Through on Bullish Technical Signals

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 as expected after putting in a Piercing Line candlestick pattern. Prices are now testing resistance is at 1849.50, marked by the top of a falling channel set from the April 4 high and the underside of a rising one established from mid-February. A break above this barrier initially exposes the April 10 high at 1873.10. Alternatively, a reversal below the 38.2% Fibonacci retracement at 1837.50 targets the 50% level at 1818.50.

US-Dollar-and-SPX-500-Follow-Through-on-Bullish-Technical-Signals_body_Picture_6.png, US Dollar and SPX 500 Follow Through on Bullish Technical Signals

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices reversed sharply downward, edging past support at 1303.93 marked by the 23.6% Fibonacci expansion and exposing the 38.2% level at 1287.14. A further push beneath that aims for the 50% Fib at 1273.57. Alternatively, a reversal back above 1303.93 sees the first layer of resistance at 1331.06, the April 15 high.

US-Dollar-and-SPX-500-Follow-Through-on-Bullish-Technical-Signals_body_Picture_7.png, US Dollar and SPX 500 Follow Through on Bullish Technical Signals

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 testing resistance at 104.33 marked by the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 105.98. Near-term support is at 102.68, the 38.2% Fib, followed by the 23.6% expansion at 100.64.

US-Dollar-and-SPX-500-Follow-Through-on-Bullish-Technical-Signals_body_Picture_8.png, US Dollar and SPX 500 Follow Through on Bullish Technical Signals

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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