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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Crude Oil and SPX 500 Attempting to Rebuild Upside Momentum

Crude Oil and SPX 500 Attempting to Rebuild Upside Momentum

Talking Points:

  • US Dollar Still Locked in Narrow Consolidation Range
  • S&P 500 Trying to Build Upside Momentum Once Again
  • Gold Treading Water, Crude Oil Attempting to Recover

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

US DOLLAR TECHNICAL ANALYSISPrices 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.

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

S&P 500 TECHNICAL ANALYSIS – Prices are attempting to launch a recovery once again. A break above the 38.2% Fibonacci retracement at 2075.90 exposes the 50% level at 2086.20. Alternatively, a turn back below the 23.6% Fib at 2063.30 targets the 14.6% retracement at 2055.40.

GOLD TECHNICAL ANALYSIS – Prices are consolidating losses after accelerated downward to hit a four-month low. A daily close below the 76.4% Fibonacci expansion at 1152.47 exposes the 100% level at 1136.03. Alternatively, a move above the 61.8% Fib at 1170.86 targets the 50% expansion at 1170.86.

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to recover after finding support above the $55/barrel figure. A daily close above the 14.6% Fibonacci expansion at 58.65 exposes the 60.85-61.37 area (23.6% level, April 22 low). Near-term support is at 55.08, the July 7 low.

--- 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.