Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Crude Oil Rebounds as SPX 500 Moves to Challenge Trend Support

Crude Oil Rebounds as SPX 500 Moves to Challenge Trend Support

Ilya Spivak, Head Strategist, APAC

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 ANALYSIS – Prices 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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES