US Dollar and GOLD Technical Analysis

Talking Points:

• Support: 11391, 11350, 11284
• Resistance:11457, 11511, 11565

The Dow Jones FXCM US Dollar Indexcontinues to push upward, rising to levels not seen since April 2009. Near-term resistance is at 11457, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11511. Alternatively, a turn below the 23.6% Fib at 11391 opens the door for a challenge of the 14.6% expansion at 11350.




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



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Daily



-“The USDOLLAR pushed through the 2009 high before pulling back. Weekly RSI has been above 70 for 21 consecutive weeks (since 1971on the ICE USD, the next closest reading was 15…that happened twice before sharp declines). This is the 7th consecutive monthly advance (we’ve never seen more than 6 until now). Bottom line, it takes weakness below 11584 to suggest that the market is not going higher.” 11715 and 11643 may provide support.

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Talking Points:

• US Dollar Technical Strategy: Holding Long
• Support: 11734, 11648, 11509
• Resistance:11888, 11983, 12077

US Dollar may be preparing to decline after prices put in a bearish Evening Star candlestick pattern. Negative RSI divergence reinforces the case for a downside scenario. Near-term support is in the 11734-67 area, marked by a rising trend line and the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11648. Alternatively, a push above the 11854-88 area marked by the March 2009 high and the 38.2% level clears the way for a test of the 50% Fib at 11983.



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


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Talking Points:

• US Dollar Technical Strategy: Holding Long
• Support: 11740, 11653, 11513
• Resistance:11791, 11888, 11983

The Dow Jones FXCM US Dollar Index continues to look vulnerable as a bearish Evening Star and negative RSI divergence warn of oncoming losses. A daily close below 11740-86 area marked by a rising trend line and the 14.6% Fibonacci retracement exposes the 23.6% level at 11653. Alternatively, a break above the 11854-76 zone (March 2009 high, 14.6% Fib expansion) opens the door for a challenge of the 23.6% threshold at 11963.



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



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Daily



-“The USDOLLAR pushed through the 2009 high before pulling back. Weekly RSI has been above 70 for 21 consecutive weeks (since 1971on the ICE USD, the next closest reading was 15…that happened twice before sharp declines). This is the 7th consecutive monthly advance (we’ve never seen more than 6 until now). Bottom line, it takes weakness below 11584 to suggest that the market is not going higher.” 11715 and 11790 are near term trading levels (estimated support and resistance).



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Talking Points:

• US Dollar Technical Strategy: Holding Long
• Support: 11740, 11653, 11513
• Resistance:11842, 11876, 11963

The Dow Jones FXCM US Dollar Index may have finally started to turn lower as expected following the appearance of a bearish Evening Star candlestick 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. Alternatively, a reversal above trend line support-turned-resistance at 11842 clears the way for a test of the 11854-76 zone (14.6% Fib expansion, March 2009 high).




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


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Talking Points:

• US Dollar Technical Strategy: Holding Long
• Support: 11878, 11737, 11688
• Resistance:11965, 12107, 12221

The Dow Jones FXCM US Dollar Index broke a five-week range to extend to the highest level in over six years. A daily close above the 23.6% Fibonacci expansion at 11965 exposes the 38.2% level at 12107. Alternatively, a turn below the 11854-78 area (March 2009 high, 14% Fib) clears the way for a test of the February 26 low at 11737.



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


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Talking Points:

• US Dollar Technical Strategy: Holding Long
• Support: 11965, 11854, 11737
• Resistance:12107, 12221, 12335

The Dow Jones FXCM US Dollar Index may correct lower after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 11965, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 11854-76 area (14.6% Fibonacci expansion, March 2009 high). Alternatively, a turn above the 38.2% Fib at 12107 opens the door for a challenge of the 50% expansion at 12221.



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


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Talking Points:

• US Dollar Extends Recovery for Fourth Consecutive Day
• S&P 500 Moves to Challenge Monthly Lows Once Again
• Crude Oil Extends Decline, Gold Stalls at Chart Support

US DOLLAR TECHNICAL ANALYSIS – Prices continue to recover after finding support at the March swing low, rising for a fourth consecutive day. Near-term resistance is at 12066, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 12149-77 zone (23.6% level, March 13 high). Alternatively, a move belowthe 11858-86 area (23.6% Fib retracement, March 18 low)clears the way for a test of the 38.2% threshold at 11679.



S&P 500 TECHNICAL ANALYSIS – Prices moved lower as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the March 12low at 2040.10 exposes the 38.2% Fibonacci retracement at 2004.60. Alternatively, a reversal above the 14.6% Fib expansion at 2084.00 targets the 2111.00-19.40 area (23.6% threshold, February 25 high).



GOLD TECHNICAL ANALYSIS – Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1180.90 exposes the 38.2% level at 1156.83. Alternatively, a reversal above the 14.6% expansion at 1195.74 targets the 38.2% Fib retracement at 1205.58.



CRUDE OIL TECHNICAL ANALYSIS – Prices reversed sharply lower after finding resistance below the $60/barrel figure. A break below the 50% Fibonacci expansion at 54.53 exposes the 61.8% level at 53.30. Alternatively, a reversal above the 38.2% Fib at 55.77 targets the March 26 high at 59.75.



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

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Daily


-USDOLLAR continues to respect well-defined parallels. A drop below the lower parallel would indicate an important behavior change and potential for the largest decline since July 2014. Notice that the March top failed to reach resistance from the upper parallel. This subtlety warns that support will not hold.


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