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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
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

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.