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Crude Oil Aims to Extend Rebound, SPX 500 Returns to Familiar Range

Crude Oil Aims to Extend Rebound, SPX 500 Returns to Familiar Range

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Chart Setup Continues to Warn of Downturn
  • S&P 500 Bounces at Support, Returns to Familiar Range
  • Gold in Digestion Mode, Crude Oil Aims Above $59.00

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing to decline after prices put in a bearish Evening Star candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 11734, the intersection of the 14.6% Fibonacci retracement and a rising trend line, with a break below that on a daily closing basis exposing the 23.6% level at 11648. Alternatively, a move above the 11854-88 area marked by the March 2009 high and the 38.2% level clears the way for a test of the 50% Fib at 11983.

Crude Oil Aims to Extend Rebound, SPX 500 Returns to Familiar Range

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 1980.20-88.00 area marked by a rising trend line and the 38.2% Fibonacci retracement exposes the 50% level at 1955.80. Alternatively, a push above the 23.6% Fib at 2028.00 targets the January 23 high at 2068.10.

Crude Oil Aims to Extend Rebound, SPX 500 Returns to Familiar Range

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices recoiled from resistance-turned-support at October’s swing highs, producing the largest daily advance in 3 weeks. A daily close above the 23.6% Fibonacci expansion at 1285.20 exposes the 38.2% level at 1305.73. Alternatively, a reversal below the 38.2% Fib retracement at 1253.77 targets the 50% threshold at 1237.18.

Crude Oil Aims to Extend Rebound, SPX 500 Returns to Familiar Range

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices pushed higher following a prolonged period of consolidation after bottoming as expected above the $45.00/barrel figure. A daily close above the 38.2% Fibonacci retracement at 59.08 exposes the 50% level at 63.38. Alternatively, a reversal below the 23.6% Fib at 53.77 targets the 14.6% retracement at 50.49.

Crude Oil Aims to Extend Rebound, SPX 500 Returns to Familiar Range

Daily Chart - Created Using FXCM Marketscope

--- 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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