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Crude Oil Poised to Renew Rebound, SPX 500 Recoils from Range Top

Crude Oil Poised to Renew Rebound, SPX 500 Recoils from Range Top

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Selling slowed near monthly lows after three days of aggressive downward momentum. Near-term support is at 11950, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 11899. Alternatively, a turn above the 38.2% Fib at 12000 clears the way for a test of trend line support-turned-resistance at 12034.

Crude Oil Poised to Renew Rebound, SPX 500 Recoils from 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 hover below resistance in the 2111.00-19.40 area (23.6% Fibonacci expansion, February 25 high). 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 Poised to Renew Rebound, SPX 500 Recoils from 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 Poised to Renew Rebound, SPX 500 Recoils from Range Top

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices look poised to continue higher after clearing resistance in the 62.98-63.56 area (February 17 high, 61.8% Fibonacci expansion). From here, a break above the 76.4% level at 66.16 exposes the 100% level at 70.36. Alternatively, a reversal back below 62.98 targets the 50% Fib at 61.45.

Crude Oil Poised to Renew Rebound, SPX 500 Recoils from Range Top

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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