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Crude Oil Rallies Most in 2 Months, SPX 500 Retesting Range Top

Crude Oil Rallies Most in 2 Months, SPX 500 Retesting Range Top

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Declines for Second Day, Warns of Deeper Losses
  • S&P 500 Moves to Retest Range Top Resistance Once Again
  • Gold Stalls, Crude Oil Posts Largest Advance in Two Months

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

US DOLLAR TECHNICAL ANALYSIS – Prices declined for a second consecutive day, with prices looking vulnerable to deeper losses. Near-term support is at 11980, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 11868-86 area (23.6% level, March 18 low). Alternatively, a push above the 14.6% Fib expansion at 12066 clears the way for a test of the 12149-77 zone (March 13 high, 23.6% expansion).

Crude Oil Rallies Most in 2 Months, SPX 500 Retesting Range Top

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 continue to test resistance in the 2111.00-19.40 area (23.6% Fibonacci expansion, February 25 high), with a break above that on a daily closing basis exposing the 38.2% level at 2154.90. Alternatively, a reversal below the 14.6% Fib at 2084.00 targets the March 12 low at 2040.10.

Crude Oil Rallies Most in 2 Months, SPX 500 Retesting Range Top

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices have stalled above support at 1185.23, the 23.6% Fibonacci expansion. A break below this barrier exposes the 38.2% level at 1161.16. Near-term resistance is at 1224.15, the April 6 high.

Crude Oil Rallies Most in 2 Months, SPX 500 Retesting Range Top

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices moved sharply higher to test resistance in the 62.98-63.56 area (February 17 high, 61.8% Fibonacci expansion). A break above this barrier exposes the 76.4% level at 66.16. Alternatively, a move below the 50% Fib at 61.45 targets the 38.2% expansion at 59.35.

Crude Oil Rallies Most in 2 Months, SPX 500 Retesting Range Top

Daily Chart - Created Using FXCM Marketscope

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

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