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Crude Oil Marks Time at Trend Support as SPX 500 Attempts Rebound

Crude Oil Marks Time at Trend Support as SPX 500 Attempts Rebound

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to tread water after sliding to a three-week low last week. A daily close below the 11834-9 area (May 20 close, 50% Fibonacci retracement) exposes the 61.8% level at 11790. Alternatively, a push above the 38.2% Fib at 11887 clears the way for a test of the 23.6% retracement at 11946.

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices rebounded from rising trend line support set from late-March once again. From here, a push above 2107.10 (downward-sloping resistance, 38.2% Fibonacci expansion) exposes the 50% level at 2119.10. Alternatively, a move below the 2077.20-82.00 area (trend line, 61.8% Fib retracement) targets the 76.4% threshold at 2063.00.

GOLD TECHNICAL ANALYSIS – Prices continue to tread water below the $1200/oz figure. A break above the 38.2% Fibonacci retracement at 1189.26 exposes trend line support-turned-resistance at 1193.08, followed by the 50% Fibonacci retracement at 1197.47. Alternatively, a move below the 23.6% Fib expansion at 1175.79 targets the 38.2% threshold at 1165.62.

CRUDE OIL TECHNICAL ANALYSIS – Prices may be resuming the recovery launched from mid-January lows after completing a Flag continuation pattern. Near-term resistance is at 66.69, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 70.25. Alternatively, a move below trend line support at 63.28 targets the 38.2% Fib retracement at 60.27.

--- Written by Ilya Spivak, Currency Strategist for

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