TechnoMeter

US DOLLAR TECHNICAL ANALYSIS – Prices are struggling with downside follow-through having topped as expected. A daily close below the 14.6% Fibonacci retracementat 11599 exposes the 23.6% level at 11527. Alternatively, a reversal above the 23.6% Fib expansion at 11699 opens the door for a challenge of the 38.2% threshold at 11796.



S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 38.2% Fibonacci retracement at 1988.00 exposes the 50% level at 1955.80. Alternatively, a turn back above the 23.6% Fib at 2028.00 aims for the January 9 high at 2068.60.



GOLD TECHNICAL ANALYSIS – Prices appear poised to continue higher after rising to the strongest level in over four months. A daily close above the 123.6% Fibonacci expansion at 1300.39 exposes the 138.2% level at 1316.16. Alternatively, a turn back below the 100% Fib at 1274.89 targets the 1249.39-55.20 area marked by the 76.4% expansion and the October 21 high.



CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to recover as expected. A daily close above the 14.6% Fibonacci retracement at 50.49 exposes the 23.6% level at 53.77. Alternatively, a reversal below channel top resistance-turned-support at 48.25 targets the January 13 low at 45.17.



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


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