US DOLLAR TECHNICAL ANALYSIS
– Prices advanced for a fourth consecutive day but failed to clear a
near-term upside chart barrier. Near-term resistance is at 11836, the
38.2% Fibonacci retracement, with a break above that on a daily closing
basis exposing the 50% level at 11898. Alternatively, a turn back below
the 11748-59 area (range support, 23.6% Fib) clears the way for a test
of the 14.6% retracement at 11711.
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 are consolidating after breaking range resistance and setting a
new record high. From here, a daily close above the 50% Fibonacci
expansion at 2140.70 exposes the 61.8% level at 2159.30. Alternatively, a
move back below the 38.2% Fib at 2122.10 targets the 23.6% expansion at
2099.10.
Daily Chart - Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS
– Prices are consolidating after issuing the largest daily decline in
three weeks. A close below trend line resistance-turned-support at
1206.69 exposes the 23.6% Fibonacci expansion at 1193.38. Near-term
resistance is at 1232.30, the May 18 high.
Daily Chart - Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS
– Prices are digesting losses after issuing the largest decline in six
weeks. From here, a daily close below the 23.6% Fibonacci retracement
exposes the 38.2% level at 60.27. Alternatively, a move above the 14.6%
retracement at 66.03 targets the 14.6% Fib expansion at 67.78.
Daily Chart - Created Using FXCM Marketscope
Written by Ilya Spivak, Currency Strategist for DailyFX.com
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