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Crude Oil, SPX 500 Drop to 3-Month Lows in Greece Vote Aftermath

Crude Oil, SPX 500 Drop to 3-Month Lows in Greece Vote Aftermath

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 advanced as expected after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 11985, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 12044. Alternatively, a move below the 50% Fib at 11937 opens the door for a challenge of the 38.2% level at 11888.

Crude Oil, SPX 500 Drop to 3-Month Lows in Greece Vote Aftermath

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

S&P 500 TECHNICAL ANALYSIS – Prices turned lower anew, resuming an expected downturn following a brief correction higher. A break below the 38.2% Fibonacci expansion at 2058.60 exposes the 50% level at 2049.80. Alternatively, a move above the 23.6% Fib at 2069.50 targets the 14.6% expansion at 2076.20.

Crude Oil, SPX 500 Drop to 3-Month Lows in Greece Vote Aftermath

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate in familiar territory after probing the lowest level in four months. A daily close 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, SPX 500 Drop to 3-Month Lows in Greece Vote Aftermath

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to press downward after clearing trend line support, dipping to the lowest level in nearly three months. A daily close below the 38.2% Fibonacci retracement at 60.27 exposes the 50% level at 57.39. Alternatively, a turn back above the April 21 low at 61.63 targets falling trend line resistance at 63.97.

Crude Oil, SPX 500 Drop to 3-Month Lows in Greece Vote Aftermath

--- 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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