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Crude Oil Bounce Meets Resistance, SPX 500 Perched at Trend Support

Crude Oil Bounce Meets Resistance, SPX 500 Perched at Trend Support

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Advance Extends as Prices Hit Highest in Six Weeks
  • S&P 500 Continues to Mark Time at 2-Month Trend Support
  • Crude Oil Stalls at Monthly Resistance, Gold Treading Water

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

US DOLLAR TECHNICAL ANALYSIS – Prices resumed its advance, touching the highest level in six weeks. Near-term resistance is at 12037, the 76.4% Fibonacci retracement, with a break above that on a daily closing basis exposing the March 13 high at 12149. Alternatively, a reversal below the 61.8% Fib at 11960 opens the door for a challenge of the 50% retracement at 11898.

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 2100.00-6.50 area (trend line, 38.2% Fibonacci retracement) exposes the 50% level at 2099.60. Alternatively, a reversal above downward-sloping resistance at 2124.70 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 1203.60.

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 65.92 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 61.66 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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