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Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher

Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar is Poised to Establish New Year-to-Date High
  • S&P 500 Sets Another Record as Upward Drift Continues
  • Crude Oil Gains Traction, Gold Eyeing Trend Resistance

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

US DOLLAR TECHNICAL ANALYSIS – Prices look poised to push to new year-to-date highs having cleared yet another layer of chart resistance. A daily close above the 38.2% Fibonacci expansion at 11374 exposes the 50% level at 11422. Alternatively, a reversal below the 23.6% Fib at 11315 clears the way for a test of the 14.6% expansion at 11278.

Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher

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 continue to march higher after clearing resistance at 2051.00, the 23.6% Fibonacci expansion, with buyers aiming to challenge the 38.2% level at 2081.20. A further push beyond that targets the 50% Fib at 2105.60. Alternatively, a reversal back below 2051.00 on a daily closing basis targets the 2022.10-32.30 area marked by the 14.6% expansion and the September 19 high.

Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are edging upward en route toward resistance at 1212.23, the 38.2% Fibonacci retracement. A daily close above this barrier exposes a falling trend line at 1226.78. Alternatively, a reversal below the 1178.86-80.84 zone (December 2013 low, 23.6% Fib) targets the 14.6% retracement at 1161.49.

Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the intersection of a falling trend line and the 23.6% Fibonacci retracement at 81.71 exposes the 38.2% level at 84.78. Alternatively, a reversal back below the 14.6% Fib at 79.81 targets the November 14 low at 76.74.

Crude Oil Bounce Gains Traction, US Dollar and SPX 500 Aiming Higher

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.

DISCLOSURES