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Drilling down to examine intraday price action, a Dark Cloud Cover pattern also offers a noteworthy warning of further declines. The signal has received confirmation from a successive down period, and similar to the daily, suggests a potential move to support at 1.3800/05.
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CRUDE OIL TECHNICAL ANALYSIS (based on dailyfx article)
Prices broke higher as expected out of a Triangle chart formation. Buyers are testing resistance at 104.33 marked by the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 105.98. Near-term support is at 102.68, the 38.2% Fib, followed by the 23.6% expansion at 100.64.
GOLD TECHNICAL ANALYSIS (based on dailyfx article)
Prices turned higher as expected after putting in a Bullish Engulfing candlestick pattern. Buyers are now testing resistance at 1327.29, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1358.41. Near-term support is at 1308.11, the 14.6% Fib. A reversal back below that targets the April 1 low at 1277.00.
S&P 500 TECHNICAL ANALYSIS (based on dailyfx article)
Prices put in a bullish Piercing Line candlestick above support at 1810.60, the 100% Fibonacci expansion, hinting a move higher is ahead. Initial resistance is at 1843.50, the 38.2% Fib retracement, followed by rising channel support-turned-resistance at 1847.90. Alternatively, a reversal below 1810.60 aims for the intersection of the 123.6% expansion and a rising trend line set from February 2013 at 1795.80.
The Euro bears have regained their grip on prices in recent trading, which follows on from a Doji candlestick that signaled some indecision amongst traders near 1.3900. While the pair has found some reprieve from further declines near the 1.3800 handle, signs of a bullish reversal are absent at this stage, which casts doubt over the potential for a bounce.
US DOLLAR TECHNICAL ANALYSIS (based on dailyfx article)
Prices put in a bullish Piercing Line candlestick pattern above support at 10401, the 76.4% Fibonacci expansion, hinting a bounce may be ahead. Breaking above the 61.8% expansion at 10439 exposes the 10475-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. Alternatively, a reversal downward below support aims for the 100% expansion at 10339.