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US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery

US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery

2014-04-17 04:10:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Bounce Stalls After Three Consecutive Advances
  • S&P 500 Looks to Extend Recovery After Resistance Break
  • Crude Oil Struggles to Find Direction, Gold Aiming Lower

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-Rebound-Stalls-SPX-500-Aiming-to-Extend-Recovery_body_Picture_5.png, US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery

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 have now cleared resistance at the top of a falling channel set from the April 4 high, exposing the 38.2% Fibonacci expansion at 1870.70. A further push beyond that aims for the 50% level at 1889.70. Near-term support is at 1847.10, the 23.6% Fib, followed by the channel top at 1840.70.

US-Dollar-Rebound-Stalls-SPX-500-Aiming-to-Extend-Recovery_body_Picture_6.png, US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery

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-Rebound-Stalls-SPX-500-Aiming-to-Extend-Recovery_body_Picture_7.png, US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery

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-Rebound-Stalls-SPX-500-Aiming-to-Extend-Recovery_body_Picture_8.png, US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

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

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