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Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Threatening Familiar Range Top Yet Again
  • S&P 500 Continues to Consolidate Near Record High
  • Gold Trying to Break Down Trend, Crude Oil Eyes $63

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to tread water having topped as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above the 11854-76 zone (14.6% Fib expansion, March 2009 high) clears the way for a test of the 23.6% expansion at 11963.

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 paused to digest gains after advancing to yet another record high. A daily close above the 14.6% Fibonacci expansion at 2121.80 exposes the 23.6% level at 2133.70. Near-term support is at 2102.60, the February 23 low, with a break below that targeting the 23.6% Fib retracement at 2086.40.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are attempting to launch a recovery after dropping to the lowest level in two months. A daily close above the intersection of trend line support-turned-resistance and the 23.6% Fibonacci retracement at 1216.30 exposes the 38.2% level at 1233.73. Alternatively, a reversal below the 14.6% Fib at 1205.56 targets the February 23 low at 1188.13.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now attempting to clear February’s swing high. A break above the 61.98-62.98 area (23.6% Fibonacci expansion, February 17 high) exposes the 38.2% level at 64.58. Alternatively, a reversal below the 14.6% Fib at 60.38 targets resistance-turned-support at 58.17.

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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