Talking Points:
- US Dollar Downward Reversal Extends for 2nd Day
- S&P 500 Waiting for Direction at 2-Month Support
- Crude Oil, Gold Remain Locked in Familiar Ranges
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices continued to edge downward, producing the lowest daily close in a week. Near-term horizontal pivot support is at 11884, with a break below that on a daily closing basis exposing the 38.2% level at 11841. Alternatively, a move above the 23.6% Fib at 11918 opens the door for a challenge of the 14.6% expansion at 11966.
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 remain in consolidation mode. A break below trend line support at 2109.80 exposes the 38.2% Fibonacci retracement at 2100.00. Alternatively, a reversal above downward-sloping resistance at 2119.50 targets the 38.2% Fib expansion at 2133.20.
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 1203.04.
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 65.68 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 61.97 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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