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US Dollar Resumes Advance, Crude Oil Recoils from Chart Resistance

US Dollar Resumes Advance, Crude Oil Recoils from Chart Resistance

2014-05-29 05:03:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar Resumes Rally Following Brief Digestion Break
  • S&P 500 Advance Stalls After Setting Another Record High
  • Gold Sets 3-Month Low, Crude Oil Recoils from Resistance

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

US DOLLAR TECHNICAL ANALYSIS – Prices are aiming upward after setting a double bottom at 10375 and breaking through the top of a falling channel guiding the down trend since January. Buyers have overcome resistance in the 10474-95 area, opening the door for a challenge of the next key threshold in the 10589-619 region. A further break beyond that exposes year-to-date highs above 10700. Alternatively, a reversal back below 10474 targets channel top support-turned-resistance at 10439.

US Dollar Resumes Advance, Crude Oil Recoils from Chart Resistance

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 broke resistance at 1908.40, the 50%Fibonacci expansion, exposing the 61.8% level at 1919.40. A further push beyond that targets the 76.4% Fib at 1933.00.Alternatively, a reversal back below1908.40 clears the way for a descent to the 1897.40-1899.10 area, marked by the 38.2% expansion and the April 4 high.

US Dollar Resumes Advance, Crude Oil Recoils from Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Sellers now aim to challenge support at 1243.24, the 76.4% Fibonacci expansion. A break below this boundary exposes the 100% level at 1216.11. Resistance is at 1260.03, the 61.8% Fib, with a reversal back above that clearing the way for an advance into the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom.

US Dollar Resumes Advance, Crude Oil Recoils from Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices recoiled from resistance at a falling trend line set from early March, taking out support at 103.13 marked by the 23.6% Fibonacci retracement. Sellers now aim to challenge the 38.2% level at 102.29, with a daily close below that exposing the 50% level at 101.61. Alternatively, a turn back above 103.13 clears the way for another test of the trend line, now at 104.35.

US Dollar Resumes Advance, Crude Oil Recoils from Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

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

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