We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.79%, while traders in USD/CAD are at opposite extremes with 67.95%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Wrdc0JzKNe
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/OlWS2GLtjb
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 0.78% Gold: 0.42% Oil - US Crude: -1.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GVZUxbwFHZ
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.44% 🇨🇭CHF: 0.42% 🇯🇵JPY: 0.37% 🇳🇿NZD: 0.26% 🇬🇧GBP: 0.10% 🇨🇦CAD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/jHAHL6TLIY
  • Popular carry play: $EURMXN. Reminder that non-commercials and asset managers had been holding near record longs in $MXN, leaving the currency vulnerable to a deeper pullback as risk appetite sours https://t.co/UcxpPFnQb1
  • #Euro May Fall on Eurozone Confidence Data as #COVID-19 Spreads https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/02/27/Euro-May-Fall-on-Eurozone-Confidence-Data-as-COVID-19-Spreads.html
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.83% US 500: -0.87% France 40: -1.98% Germany 30: -2.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qdKxJadnUE
  • Carry unwind lifting $EURUSD above 1.09, eyes on notable option expiries - 1.0900 (632mln), 1.0915-25 (1.2bln), 1.0955 (1bln)
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/SbDPHN0Win
  • European Opening Calls From IG #FTSE 6870 -2.45% #DAX 12451 -2.54% #CAC 5544 -2.47% #AEX 566 -2.74% #MIB 22818 -2.58% #IBEX 9107 -2.25% #OMX 1743 -2.20% #STOXX 3486 -2.56%
US Dollar Pullback Hinted as S&P 500 Continues to Correct Higher

US Dollar Pullback Hinted as S&P 500 Continues to Correct Higher

2011-09-15 08:01:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAYUS Dollar technical positioning hints a pullback may materialize as the S&P 500 sees more room to correct higher without negating the larger bearish bias.

S&P 500 – Prices continue to consolidate in a Flag chart pattern, broadly pointing to downward continuation. The resumption of overtly bearish momentum requires a break below the Flag formation bottom, now at 1131.07. Near-term, resistance stands at 1204.40 while support lines up at 1176.40.

US_Dollar_Pullback_Hinted_as_SP_500_Continues_to_Correct_Higher_body_Picture_5.png, US Dollar Pullback Hinted as S&P 500 Continues to Correct Higher

CRUDE OIL Unchanged from yesterday: “Positioning closely mirrors that of the S&P 500, with prices testing the top of a Flag chart formation reinforced by the upper boundary of a rising channel set from early May. Here too, the setup is hinting at bearish continuation pattern, with initial support lining up at the 23.6% Fibonacci extension level ($83.12).” The formation of a Bearish Engulfing candlestick pattern reinforces the case for a downside scenario.

US_Dollar_Pullback_Hinted_as_SP_500_Continues_to_Correct_Higher_body_Picture_6.png, US Dollar Pullback Hinted as S&P 500 Continues to Correct Higher

GOLD Unchanged from yesterday: “A pair of Bearish Engulfing candlesticks may be marking a double top below the $1900 figure, with confirmation seen on a break of an upward-sloping neckline established since early August. Negative RSI divergence bolsters the case for a downside scenario. A break lower from hereaims at a measured target near $1636.87, though a confirmed close below trend line support is needed to calculate an implied target more precisely.

US_Dollar_Pullback_Hinted_as_SP_500_Continues_to_Correct_Higher_body_Picture_7.png, US Dollar Pullback Hinted as S&P 500 Continues to Correct Higher

US DOLLAR Prices continue to test range resistance at 9756, a triple top in place since mid-May. Three back-to-back Inverted Hammer candlesticks point to a loss of bullish conviction and hint a pullback is ahead. If a near-term reversal lower is to materialize, initial support lines up at 9699 and 9646. Alternatively, renewed bullish momentum that produces a daily close above 9756 exposes 9887.

US_Dollar_Pullback_Hinted_as_SP_500_Continues_to_Correct_Higher_body_Picture_8.png, US Dollar Pullback Hinted as S&P 500 Continues to Correct Higher

Created Using FXCM Marketscope 2.0

For real time news and analysis, please visit http://www.dailyfx.com/real_time_news

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.