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Crude Oil Under Pressure Anew, SPX 500 Aims to Extend Recovery

Crude Oil Under Pressure Anew, SPX 500 Aims to Extend Recovery

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude Oil Testing Range Floor as Gold Eyes July Low
  • S&P 500 Aims to Extend Gains After Resistance Break
  • US Dollar Rising Toward Monthly Highs Once Again

CRUDE OIL TECHNICAL ANALYSIS – Prices are back under pressure, testing support near a five-month low. A daily close below the 50% Fibonacci expansion at 52.37 exposes the 61.8% level at 50.66. Alternatively, a reversal above the 38.2% Fib at 54.08 targets the 23.6% expansion at 56.20.

GOLD TECHNICAL ANALYSIS – Prices are on pace to challenge July’s swing bottom after piercing range support. A break below the 23.6% Fibonacci expansion at 1078.10 exposes the 38.2% level at 1058.48. Alternatively, a move above the 14.6% Fib at 1090.20 targets the 23.6% Fib retracement at 1103.00.

S&P 500 TECHNICAL ANALYSIS – Prices look poised to continue higher after narrowly clearing chart resistance. From here, a break above the 61.8% Fibonacci expansion at 2119.10 exposes range top resistance in the 2129.60-37.10 area. Alternatively, a move back below the 50% level at 2108.50 targets the 38.2% Fib at 2097.80.

US DOLLAR TECHNICAL ANALYSIS – Prices areback to test monthly highs after rebounding from range support. A daily close above the 23.6% Fibonacci expansionat 12056 exposes the 38.2% level at 12104. Alternatively, a turn below the 14.6% expansion at 12026 clears the way for a test of the 23.6% Fib retracement at 11985.

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

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

--- 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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