S&P 500, Crude Oil Technical Setups Hint US Dollar Pullback Ahead | Learn Forex | GoLearnForex.com

S&P 500 – Sellers appear to be losing momentum near 1257.30, the March 16 close, opening the door for a correction higher to establish a temporary double bottom. Positive RSI divergence reinforces the case for an upside scenario. A break above falling trend line support-turned-resistance exposes the 38.2% Fibonacci retracement of the drop from the June 1 high at 1292.51.

CRUDE OIL – Prices put in a bullish Hammer candlestick above Fibonacci support at $92.15, hinting an upswing is ahead. A break above initial resistance at $94.52 exposes $96.89. Importantly, a Hammer is generally considered a low-level signal and confirmation is needed on the close of the current candle before any firm conclusions can be made.

GOLD – Prices put in a Doji candlestick below resistance at the midline of a rising channel that has confined the metal since early May, a barrier reinforced by the June 6 swing high at $1553.42. The setup points to indecision and hint a move lower may be ahead. Confirmation is elusive for now, but a bearish close on the current bar would give credence to a downward scenario targeting the channel bottom (now at $1521.83), followed by Fibonacci support at $1509.49. Alternatively, a break above $1553.42 exposes the May 2 high at $1577.05

US DOLLAR – Prices dropped through support at 9615.76 – the 38.2% Fibonacci extension level – opening the door to continued selling to challenge 9517.34. A break below this boundary exposes the June 7 low at 9452.35. The 38.2% level barrier now stands as near-term resistance, with a break back above that targeting the 50% extension at 9666.24.

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