Talking Points:
- US Dollar Recoils from Resistance at March Swing High
- S&P 500 Technical Setup Hints at Move Downward Ahead
- Crude Oil Poised to Break Higher, Gold Hits 2-Week Low
Canโt access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS โ Prices corrected sharply lower, producing the largest daily drawdown in two weeks. A daily close below the 14.6% Fibonacci expansion at 12066 exposes the 14.6% Fib retracement at 11980. Alternatively, a push above the 12149-77 area (March 13 high, 23.6% expansion) opens the door for a challenge of the 38.2% level at 12356.
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 โ Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. A break below the 14.6% Fibonacci expansion at 2084 exposes the March 12 low at 2040.10. Alternatively, a push above the 2111.00-19.40 area (23.6% level, February 25 high) targets the 38.2% level at 2154.90.
Daily Chart - Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS โ Prices turned lower anew following a re-test rising trend line support-turned-resistance. A push the 23.6% Fibonacci expansion at 1185.23 exposes the 38.2% level at 1161.16. Alternatively a move above the trend line โ now at 1218.57 โ targets the April 6 high at 1224.15.
Daily Chart - Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS โ Prices are attempting to secure a break higher from consolidation, with a close above the 38.2% Fibonacci expansion exposing the 50% level at 61.45. Alternatively, a turn below rising trend line support at 56.32 targets the March 17 low at 52.55.
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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