Talking Points:
US Dollar Issues Largest Daily Decline in Over a Month
S&P 500 Continues to Warn of Double Top in the Works
Crude Oil in Digestion Mode, Gold Eyeing Monthly Top
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices continue to correct downward, sliding to the weakest level in two months. A daily close below the 100% Fibonacci expansion at 11809 exposes the 123.6% level at 11754. Alternatively, a move above the 76.4% Fib at 11864 opens the door for a challenge of the 61.8% expansion at 11899.
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 put in a Bearish Engulfing candlestick pattern, suggesting a double top may be taking shape at 2119.40 (February 25 high). Negative RSI divergence bolsters the case for a downside scenario. A break below trend line resistance-turned-support at 2108.50 exposes the 38.2% Fibonacci retracement at 2093.50.
Daily Chart – Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices are attempting to build upward anew after reclaiming a foothold above the $1200/oz figure. A break above the 50% Fibonacci expansion at 1215.88 exposes the 61.8% level at 1225.50. Alternatively, a move below the 38.2% Fib at 1206.26 targets the 23.6% expansion at 1194.35.
Daily Chart – Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices are in digestion mode after rising to the highest level in over four months. A daily close below the 63.56-73 area (61.8% Fib, April 16 close) targets the 50% Fibonacci expansion at 61.46. Alternatively, a push above the 76.4% level at 66.16 exposes the 100% Fib at 70.36.
Daily Chart – Created Using FXCM Marketscope
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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Gold Eyes Monthly Top, SPX 500 Chart Warns of Downturn Ahead
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