US DOLLAR TECHNICAL ANALYSIS
– Prices are attempting to extend upside momentum after touching the
highest level in a month. A daily close above the 50% Fibonacci
retracementat 11898 exposes the 61.8% level
at 11960. Alternatively, a reversal below the 38.2% Fib at 11836 opens
the door for a challenge of the 23.6% retracement at 11759.
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 continue to consolidate after recoiling from resistance below
$1250/oz. A close below trend line resistance-turned-support at 1203.88
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 remain locked in a choppy consolidation range below the
$70/barrel figure. A daily close below the 23.6% Fibonacci retracement
exposes the 38.2% level at 60.27. Alternatively, a move above trend line
resistance at 66.57 targets the 23.6% Fib expansion at 69.70.
Daily Chart - Created Using FXCM Marketscope
Written by Ilya Spivak, Currency Strategist for DailyFX.com
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