THE TAKEAWAY: The US Dollar continued a cautious recovery, advancing alongside the S&P 500 following the Federal Reserve monetary policy announcement.
US DOLLAR TECHNICAL ANALYSIS– Prices are edging higher after putting in a bullish Three Inside Up candlestick pattern above support at 10454, the 14.6% Fibonacci retracement. Rising channel support-turned-resistance is at 10565, with a push back above that targeting the March 11 high at 10576. Alternatively, a reversal below support exposes the 23.6% Fib at 10379.
Daily Chart – Created Using FXCM Marketscope 2.0
S&P 500 TECHNICAL ANALYSIS – Prices are inching lower after putting in a bearish Harami candlestick pattern. Initial support is at 1531.50, the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% level at 1511.60. Near-term resistance is at 1563.90, the March 15 high. A reversal above that targets the index’s record high at 1576.10.
Daily Chart – Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices broke above resistance at 1604.87, the 38.2% Fibonacci retracement, will buyers eyeing the 50% level at 1620.28. A further push above that aims for the 61.8% Fib at 1635.68. The 1604.87 mark has been recast support, with a turn back beneath that eyeing the 23.6% retracement at 1585.81.
Daily Chart – Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS– Prices are bouncing from support at the 92.00 figure, marked by the 23.6% Fibonacci expansion. Near-term resistance is at 93.77, the 50% Fib retracement. A break above that targets the 61.8% level at 94.82. Alternatively, a break below support exposes the 38.2% level at 90.73.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya‘s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
US Dollar Drifts Higher with S&P 500 After Fed Rate Decision
No comments:
Post a Comment