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Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

2015-05-28 07:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices narrowly edged above chart resistance, hinting further gains may be ahead. A daily close above the 76.4% Fibonacci retracementat 12037 exposes the March 13 high at 12149. Alternatively, a turn below the 61.8% Fib at 11960 clears the way for a test of the 50% retracement at 11898.

Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

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 rebounded from trend line support to test the 23.6% Fibonacci expansion at 2121.80, with a break above that on a daily closing basis exposing the 38.2% level at 2136.00. Alternatively, a turn below the 2100.00-02.10 area (trend line, 38.2% Fib retracement) targets the 50% threshold at 2088.60.

Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices accelerated downward anew, with sellers claiming a foothold below the $1200/oz figure. A close below range support at 1178.09 exposes the 38.2% Fibonacci expansion at 1169.31. Alternatively, a rebound above the 23.6% level at 1193.38 targets trend line support-turned-resistance at 1204.72.

Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices broke downward after spending much of May in consolidation mode. Support is now at 60.27 (38.2% Fibonacci retracement, trend line), with a break below that exposing the 50% level at 57.39. Alternatively, a turn above the 23.6% Fib at 63.84 targets a falling trend line at 66.27.

Crude Oil Breaks Down from Range, SPX 500 Rebounds at Support

Daily Chart - Created Using FXCM Marketscope

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

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