Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,338.74
    +170.67 (+0.42%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,444.39
    +757.53 (+1.09%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,541.25
    +10.65 (+0.70%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again

DailyFX.com -

Talking Points:

  • US Dollar Trying to Renew Uptrend After Correcting Lower

  • S&P 500 Fails to Hold Above Near-Term Range Top Again

  • Gold Digesting Gains, Crude Oil Eyes Resistance Above $59

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

US DOLLAR TECHNICAL ANALYSIS – Prices areattempting to launch a recovery after moving downward as expected. Near-term support is in the 11858-86 area (March 18 low, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 11679. Alternatively, a turn above the 14.6% Fib expansion at 12066 clears the way for a test of the 12149-77 zone (March 13 high, 23.6% threshold).

Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again
Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again

Daily Chart - Created Using FXCM Marketscope

ADVERTISEMENT

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

S&P 500 TECHNICAL ANALYSIS – Prices are consolidating after moving lower as expected following the appearance of a bearish Evening Star candlestick pattern. A daily close below the March 12low at 2040.10 exposes the 38.2% Fibonacci retracement at 2004.60. Alternatively, a reversal above the 14.6% Fib expansion at 2084.00 targets the 2111.00-19.40 area (23.6% threshold, February 25 high).

Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again
Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices paused to digest gains after rising to test the highest level since mid-February. A daily close above the 50% Fibonacci expansion at 1216.99 exposes the 61.8% level at 1226.11. Alternatively, a reversal below the 38.2% Fib at 1207.88 targets the 23.6% expansion at 1196.61.

Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again
Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to test resistance at 59.35, the 38.2% Fibonacci expansion, after pushing above the 23.6% level at 56.75. A daily close above resistance exposes the 50% Fib at 61.45. Alternatively, a reversal back below 56.75 targets the 14.6% expansion at 55.15.

Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again
Crude Oil Eyes 2-Week Resistance, SPX 500 Fails at Range Top Again

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.