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Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Talking Points:

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

US DOLLAR TECHNICAL ANALYSISPrices reversed downward as expected, making good on bearish cues telegraphed through negative RSI divergence. Near-term support is in the 11854-78 area (March 2009 high, 14.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 11679-737 region (February 26 low, 38.2% Fib retracement). Alternatively, a move back above the 23.6% level at 11965 clears the way for a test of the 12107-49 zone (38.2% expansion, March 13 high).

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 put in a bearish Evening Star candlestick pattern below February’s swing high, hinting a move lower is ahead. A daily close belowthe 14.6% Fibonacci expansion at 2084.00 exposes rising trend line support at 2057.10. Alternatively, a reversal above the 2111.00-19.40 area (23.6% level, February 25 high) exposes the 38.2% Fib at 2154.90.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices look poised for another move above the $1200/oz figure. A break above the 38.2% Fibonacci retracement at 1205.58 exposes the 50% level at 1225.04. Alternatively, a turn below the 23.6% Fib at 1181.51 targets the 1166.67-1170.09 area (channel top resistance-turned-support, 14.6% retracement).

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to stall below the $57.00/barrel figure. A daily close above the 23.6% Fibonacci expansion at 56.75 exposes support-turned-resistance at 58.17. Near-term support is at 52.55, the March 17 low.

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.