US DOLLAR TECHNICAL ANALYSIS
– Prices re-accelerated upward, advancing to the highest level in a
month. Near-term resistance is at 11960, the 61.8% Fibonacci
retracement, with a break above that on a daily closing basis exposing
the 76.4% level at 12037. Alternatively, a turn back below the 50% Fib
at 11898 clears the way for a test of the 38.2% retracement at 11836.
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 turned sharply lower, moving to challenge the rising trend in
place since mid-March. A daily close below the 38.2% Fibonacci
retracement at 2100.00 exposes the 50% level at 2088.60. Alternatively, a
move above the 23.6% Fib at 2114.20 targets the 14.6% retracement at
2122.90.
Daily Chart - Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS
– Prices accelerated downward anew, with sellers claiming a foothold
below the $1200/oz figure. A close below range support at 1178.09
exposes the 38.2% Fibonacci expansion at 1169.31. Alternatively, a
rebound above the 23.6% level at 1193.38 targets trend line
support-turned-resistance at 1204.98.
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 66.40 targets the May 6 high at 69.60.
Daily Chart - Created Using FXCM Marketscope
Written by Ilya Spivak, Currency Strategist for DailyFX.com
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