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 Weakness Seen Ahead, SPX 500 Recovery Loses Steam

Crude Oil Weakness Seen Ahead, SPX 500 Recovery Loses Steam

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Advance Stalls After Prices Probe Monthly High
  • S&P 500 Rebound Loses Steam on Test of Former Support
  • Gold Tests Four-Month Low, Crude Oil at Risk of Weakness

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

US DOLLAR TECHNICAL ANALYSIS – Prices stalled after advancing to a monthly high having reversed upward as expected. A daily close above the 50% Fibonacci expansion at 11937 exposes the 61.8% level at 11985. Alternatively, a turn below the 38.2% Fib at 11888 clears the way for a test of the 23.6% expansion at 11829.

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

S&P 500 TECHNICAL ANALYSIS – A shallow correction following an expected downturn has stalled at former support now recast as resistance. From here, a push below the 23.6% Fibonacci retracement at 2072.70 exposes the 14.6% level at 2066.00. Alternatively, a push above the 38.2% Fib at 2083.60 targets 2092.40 (channel floor, 50% retracement).

GOLD TECHNICAL ANALYSIS – Prices edged through range support, ending a period of consolidation and seemingly opening the door for deeper losses ahead. A move below the 61.8% Fibonacci expansion at 1162.64 exposes the 76.4% level at 1152.47. Alternatively, a move above the 50% Fib at 1170.86 targets the 38.2% expansion at 1179.07.

CRUDE OIL TECHNICAL ANALYSIS – Prices cleared rising trend line set from mid-January, hinting the down trend from the second half of 2014 may be resuming. A move below the 60.27-61.37 area (38.2% Fibonacci retracement, April 22 low) exposes the 50% level at 57.39. Alternatively, a turn back above the trend line – now at 63.84 – targets the 23.6% Fib expansion at 66.69.

--- 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.