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US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Recovery Approaching Pivotal Chart Threshold
  • S&P 500 Bounce Extends for a Fourth Consecutive Session
  • Crude Oil Aiming Above $105.00 After Breaking Resistance

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 10471-84 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-Approaching-Key-Chart-Barrier-Crude-Oil-Aims-Above-105.00_body_Picture_5.png, US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

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. Buyers are now poised to challenge the 38.2% Fibonacci expansion at 1870.70, with a break above that exposing the 50% level at 1889.70.Near-term support is at 1847.10, the 23.6% Fib, followed by the previously broken top of a rising channel at 1834.30.

US-Dollar-Approaching-Key-Chart-Barrier-Crude-Oil-Aims-Above-105.00_body_Picture_6.png, US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

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-Approaching-Key-Chart-Barrier-Crude-Oil-Aims-Above-105.00_body_Picture_7.png, US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected out of a Triangle chart formation. A break above the 50% Fibonacci expansionat 104.33 has now exposed the March 3 high at 10519, followed by the 61.8% level at 105.98. Alternatively, a reversal back below 104.33 eyes the 38.2% Fib at 102.68.

US-Dollar-Approaching-Key-Chart-Barrier-Crude-Oil-Aims-Above-105.00_body_Picture_8.png, US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

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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