Technical Pattern Analysis for US Dollar, S&P 500, Gold and Crude Oil
US DOLLAR TECHNICAL ANALYSIS
Prices are struggling to find
follow-through after falling as expected having formed a bearish Evening
Star candle pattern. Near-term support is at 11740, the 14.6% Fibonacci
retracement, with a break below that on a daily closing basis exposing
the 23.6% level at 11653.
S&P 500 TECHNICAL ANALYSIS
Prices resumed their upward push
after a brief period of consolidation, rising to set yet another record
high. A daily close above the 38.2% Fibonacci expansion at 2131.30
exposes the 50% level at 2145.70. Alternatively, a reversal below the
23.6% Fib at 2113.60 targets the 14.6% expansion at 2102.60.
GOLD TECHNICAL ANALYSIS
Prices are attempting to launch a
recovery from support at 1197.86, the 61.8% Fibonacci retracement. The
reversal requires a push above a major resistance cluster in the
1209.67-18.80 area, marked by a falling channel top, the underside of a
recently broken trend line and the 50% Fibonacci retracement. If a break
does materialize, the next upside barrier comes in at 1239.73, the
38.2% level.
CRUDE OIL TECHNICAL ANALYSIS
Prices remain in digestion mode
after an expected recovery found resistance below the $63/barrel figure.
A break below the 58.17-78 area marked by the February 9 close and the
23.6% Fibonacci retracement exposes the 38.2% level at 56.18.
Alternatively, a turn above the 14.6% Fib at 60.38 targets the February
17 high at 62.98.
