Crude Oil Drops to 6-Week Low, SPX 500 Trying to Launch Recovery
DailyFX.com -
Talking Points:
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US Dollar Chart Warns of Ebbing Upside Momentum
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S&P 500 Trying to Launch Rebound from Monthly Low
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Gold Digesting, Crude Oil Dips to Lowest in 6 Weeks
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices may be readying to correct lower as negative RSI divergence warns of fading bullish momentum. Near-term resistance is at 12221, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 12335. Alternatively, a reversal back below the 38.2% Fib at 12107clears the way for a test of the 23.6% expansion at 11965.
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 broke upward, with buyers now targeting the 38.2% Fibonacci retracement at 2093.50. A break above that on a daily closing basis exposes the 50% level at 2110.00. Alternatively, a reversal below the 23.6% Fib at 2073.10 targets the 2033.00-40.10 area (March 11 low, 61.8% Fib retracement).
Daily Chart - Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices are digesting losses after dropping to a three-month low. A break above the 50% Fibonacci expansion at 1163.43 on a daily closing basis exposes the 38.2% level at 1177.51. Alternatively, a push below the 61.8% Fib at 1149.35 targets the 76.4% expansion at 1131.92.
Daily Chart - Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices resumed pushing lower, sliding to the lowest level in six weeks. A daily close below the 50% Fibonacci retracement at 54.08 exposes the 61.8% level at 51.97. Alternatively, a reversal above the 38.2% Fib at 56.18 targets the 58.17-78 area marked by the 23.6% retracement and the February 6 close.
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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