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Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend

DailyFX.com -

Talking Points:

  • US Dollar Jumps Higher from Monthly LowSupport

  • S&P 500 Attempts to Resume Six-Week Rising Trend

  • Gold Accelerates Lower, Crude Oil Digesting Losses

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

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

Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend
Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend

Daily Chart - Created Using FXCM Marketscope

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** 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 attempting to rebuild upside momentum after falling as expected following the appearance of a bearish Evening Star candlestick pattern. A daily close above the 14.6% Fibonacci expansion at 2084.00 exposes the 2111.00-19.40 area (23.6% level, February 25 high). Alternatively, a move belowchannel floor support at 2062.60 targets the March 12 low at 2040.10.

Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend
Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1180.90 exposes the 38.2% level at 1156.83. Alternatively, a reversal above the 14.6% expansion at 1195.74 targets the 38.2% Fib retracement at 1205.58.

Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend
Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices reversed sharply lower after finding resistance below the $60/barrel figure. A break below the 38.2% Fibonacci expansion at 55.77 exposes the 50% level at 54.53. Alternatively, a reversal above the March 26 high at 59.75 targets the February 17 high at 62.98.

Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend
Crude Oil Digesting Losses, SPX 500 Tries to Resume Upward Trend

Daily Chart - Created Using FXCM Marketscope

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

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