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US Dollar Challenges March High as S&P 500 Tests Support

Ilya Spivak

THE TAKEAWAY: The US Dollar is challenging the March swing high while the S&P 500 continues to test key technical support after a rejection at the 1600 figure.



US DOLLAR TECHNICAL ANALYSIS Prices edged above resistance at 10547, the 23.6% Fibonacci expansion to challenge the March 11 high at 10576. A break above that aims for the 38.2% level at 10643. The 10547 mark has been recast as near-term support, with a move back beneath that eyeing trend line support is at 10443.


Forex_US_Dollar_Challenges_March_High_as_SP_500_Tests_Support__body_Picture_5.png, US Dollar Challenges March High as S&P 500 Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0




S&P 500 TECHNICAL ANALYSIS – Prices are testing support at 1537.30, the 23.6% Fibonacci retracement. A break below this boundary targets the 38.2% level at 1500.00. Near-term resistance is at 1597.60, the April 11 high.


Forex_US_Dollar_Challenges_March_High_as_SP_500_Tests_Support__body_Picture_6.png, US Dollar Challenges March High as S&P 500 Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0



GOLD TECHNICAL ANALYSIS Prices are testing resistance at 1434.43, the 38.2% Fibonacci retracement. A break above that aims for the 50% level at 1469.28. Near-term support is at 1391.30, the 23.6% Fib, with a turn beneath that aiming for the April 16 low at 1321.59.


Forex_US_Dollar_Challenges_March_High_as_SP_500_Tests_Support__body_Picture_7.png, US Dollar Challenges March High as S&P 500 Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0




CRUDE OIL TECHNICAL ANALYSIS Prices are re-testing resistance-turned-support at 88.45, the 23.6% Fibonacci retracement. A reversal back beneath that aims for the 14.6% level at 87.37. Near-term resistance is now at 90.21, the 38.2% Fib.


Forex_US_Dollar_Challenges_March_High_as_SP_500_Tests_Support__body_Picture_8.png, US Dollar Challenges March High as S&P 500 Tests Support

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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