US Dollar Struggles to Advance as S&P 500 Eyes 1600 Figure

DailyFX

THE TAKEAWAY: The US Dollar is pulling back after finding resistance at the March swing high while the S&P 500 looks poised for another challenge of the 1600 figure.

US DOLLAR TECHNICAL ANALYSIS Prices are pulling back from resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high.Near-term support is marked by a rising trend line set from late March, now at 10446. Alternatively, a reversal above 10576 exposes the 38.2% level at 10643.

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Forex_US_Dollar_Struggles_to_Advance_as_SP_500_Eyes_1600_Figure_body_Picture_5.png, US Dollar Struggles to Advance as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged above resistance at 1572.90, the 14.6% Fibonacci expansion, to aim for the 23.6% level at 1595.90. A further push above that aims for the 38.2% Fib at 1633.20. Alternatively, a reversal back beneath 1572.90 exposes the April 18 low at 1535.60.

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Forex_US_Dollar_Struggles_to_Advance_as_SP_500_Eyes_1600_Figure_body_Picture_6.png, US Dollar Struggles to Advance as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing above resistance at 1434.43, the 38.2% Fibonacci retracement, with a break higher on a daily closing basis exposing the 50%at 1469.28. Near-term support is at 1391.30, the 23.6% level, with a break beneath that aiming for the April 16 low at 1321.59.

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Forex_US_Dollar_Struggles_to_Advance_as_SP_500_Eyes_1600_Figure_body_Picture_7.png, US Dollar Struggles to Advance as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing above resistance at 91.63, the 50% Fibonacci retracement. A break above that on a daily closing basis exposes the 61.8% level at 93.05. Near-term support is at 90.21, the 38.2% Fib.

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Forex_US_Dollar_Struggles_to_Advance_as_SP_500_Eyes_1600_Figure_body_Picture_8.png, US Dollar Struggles to Advance as S&P 500 Eyes 1600 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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