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Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected

DailyFX.com -

Talking Points:

  • US Dollar Snaps Six-Day Losing Streak, Hints at Bounce Ahead

  • S&P 500 Turns Downward as Expected, Sinks to Two-Week Low

  • Gold Revisits Range Support, Crude Oil Prices Resume Recovery

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

US DOLLAR TECHNICAL ANALYSIS – Prices snapped a six-day losing streak, forming a bullish Piercing Line candle pattern and hinting at a rebound ahead. A daily close above the 100% Fibonacci expansion at 11809 exposes the 76.4% level at 11864. Alternatively, a move below the 123.6% Fib at 11754 opens the door for a challenge of the 138.2% expansion at 11719.

Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected
Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected

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 declined as expected after putting in a Bearish Engulfing candlestick pattern, hinting a double top is forming at 2119.40 (February 25 high). A break below the 50% Fibonacci retracement at 2083.50 exposes the 61.8% level at 2073.50. Alternatively, a move above the 38.2% Fib at 2093.50 targets trend line resistance at 2108.10.

Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected
Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are testing support at 1178.38 marked by the March 31 low once again. A break below this barrier on a daily closing basis exposes the 38.2% Fibonacci expansion at 1161.16. Alternatively, a move above the April 28 high at 1215.00 targets the April 6 top at 1224.15.

Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected
Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices pushed higher anew, with buyers now aiming for the 38.2% Fibonacci expansion at 68.91. A break above that on a daily closing basis exposes the 50% level at 71.24. Alternatively, a move below the 23.6% Fib at 66.03 targets the 14.6% expansion at 64.25.

Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected
Crude Oil Resumes Recovery, SPX 500 Turns Lower as Expected

Daily Chart - Created Using FXCM Marketscope

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

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original source

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