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Crude Oil Rebounds as SPX 500 Moves to Challenge Trend Support

Crude Oil Rebounds as SPX 500 Moves to Challenge Trend Support

Talking Points:

  • US Dollar Chart Positioning Hints Pullback May Be Ahead
  • S&P 500 Threatening 2-Month Uptrend Support Once Again
  • Gold Flat-Lining, Crude Oil Rebounds from Trend Support

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

US DOLLAR TECHNICAL ANALYSISPrices put in a Harami candlestick pattern, hinting a move lower may be ahead. A daily close below the 61.8% Fibonacci retracement at 11960 exposes the 50% level at 11898. Alternatively, a move above the 76.4% Fib at 12037 clears the way for a test of the March 13 high at 12149.

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 are in consolidation mode having set a record high last week. A break below the 2100.00-5.50 area (trend line, 38.2% Fibonacci retracement) exposes the 50% level at 2099.60. Alternatively, a reversal above downward-sloping resistance at 2125.90 targets the 38.2% Fib expansion at 2136.00.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after claiming a foothold below the $1200/oz figure anew. 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 1203.79.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices rebounded from support guiding the up move from lows set in mid-January. A push above downward-sloping resistance at 66.02 exposes the May 6 high at 69.60, followed by the 38.2% Fibonacci expansion at 70.57. Alternatively, a move below trend line support at 61.45 targets the 38.2% Fib retracement at 60.27.

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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