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Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Digesting in Choppy Range After Hitting 7-Week High
  • S&P 500 Extends Decline for 3rd Straight Day, Hits Monthly Low
  • Gold Hits 3-Month Low, Crude Oil Marks Time at Trend Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices areconsolidating in a choppy range after opening June at a seven-week high. A daily close below the 38.2% Fibonacci retracement at 11887 exposes the 50% level at 11839. Alternatively, a rebound above the 12024-43 area (June 1 and June 5 highs) clears the way for a test of double top resistance at 12149.

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

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 continue to push lower after breaking two-month trend support. Sellers are now challenging the 61.8% Fibonacci retracement at 2077.20, with a break below that exposing the 76.4% level at 2063.00. Alternatively, a move back above the 50% Fib at 2088.60 targets the 38.2% retracement at 2100.00.

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after dropping to a three-month low. A break below the 38.2% Fibonacci expansion at 1169.31 exposes the 50% level at 1149.85. Alternatively, a move above support-turned-resistance at 1178.09, the March 31 low, targets the 23.6% Fib at 1193.38.

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to test support at a rising trend line guiding the move higher since mid-January. A break below this barrier (now at 62.49) exposes the 38.2% Fibonacci retracement 60.27. Alternatively, a reversal above downward-sloping resistance at 65.23 targets the May 6 high at 69.60.

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

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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