Talking Points:
US Dollar Moves to Challenge Monthly Range Support
S&P 500 Pauses After Rising to Another Record High
Gold Stalls at Support, Crude Oil Recovery Finds Fuel
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices look to be reversing downward as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above the 11854-76 zone (14.6% Fib expansion, March 2009 high) clears the way for a test of the 23.6% expansion at 11963.
Daily Chart – Created Using FXCM Marketscope
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
S&P 500 TECHNICAL ANALYSIS – Prices paused to digest gains after advancing to yet another record high. A daily close above the 100% Fibonacci expansion at 2134.10 exposes the 123.6% level at 2156.00. Alternatively, a reversal below the 76.4% Fib at 2112.20 targets the 61.8% expansion at 2098.60.
Daily Chart – Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices has stalled above interim support at 1197.86, the 61.8% Fibonacci retracement. A break above channel top resistance at 1205.30 exposes the 1215.63-18.00 area (trend line support-turned-resistance, 50% level). Alternatively, a turn below 1197.86 targets the intersection of channel floor support and the 76.4% Fib at 1171.96.
Daily Chart – Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now attempting to reclaim momentum after a brief pullback. A break above the 23.6% Fibonacci expansion at 61.98 exposes the February 17 high at 62.98, followed by the 38.2% level at 64.58. Alternatively, a reversal below the 14.6% Fib at 60.38 targets resistance-turned-support at 58.17.
Daily Chart – Created Using FXCM Marketscope
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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Crude Oil Rebound Resumes, SPX 500 Stalls After Hitting Record High
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