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
Mixed
USD/JPY
Bearish
Gold
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVimeY https://t.co/qCXeDcd82Z
  • monthly $SPX chart downright disgusting, little over one day left for candle completion. This is an area to be careful with LT techs. So much fundamental fuel behind this + a March FOMC rate decision. Some type of emergency move (or warning of such) looking more and more likely https://t.co/OPEAj7Zyp6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.94%, while traders in USD/CAD are at opposite extremes with 70.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ODVocTrdav
  • weekly $USD chart not very encouraging for dollar bulls. Not yet complete evening star + resistance from prior support trendline. no bueno https://t.co/EdVeJhD2As
  • this article is from Tuesday. Both the long and short $USD options have played through with $USDCAD and $EURUSD breakouts. Meanwhile, $USD down the drain, still in bull flag, for now https://t.co/nvk4X6LH79 https://t.co/EN0K4HRyQB
  • $USDCAD breaks out, fresh four-month-highs. Currently caught at the October swing high. https://t.co/GOa280Q75D
  • $EURUSD next resistance out. 1.1000 are looms large. Big support last year, hasn't yet seen much of a resistance test https://t.co/lE3eEjJ6dy
  • As prices dance around on charts, traders are often looking for reasons to explain price movements; however, the underlying source of price movement boils down to the relationship between supply and demand. Learn more about the forces of S&D on forex here: https://t.co/8LfkLXbj2W https://t.co/heURFpRLcY
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Gold: 0.36% Oil - US Crude: -1.99% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XM6m0QSNUs
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.58% 🇪🇺EUR: 0.54% 🇳🇿NZD: 0.45% 🇯🇵JPY: 0.31% 🇨🇦CAD: -0.02% 🇬🇧GBP: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gV6RKUgVti
US Dollar Pullback Has Room to Continue Before Rally Resumes

US Dollar Pullback Has Room to Continue Before Rally Resumes

2011-09-27 10:20:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAYTechnical positioning hints the US Dollar has room to continue its downward correction but the larger trend still favors the return to a longer-term advance.

S&P 500 – Prices put in a Doji candlestick above 38.2% Fibonacci extension support at 1127.42 and proceeded to move higher, with the bulls now probing above the 23.6% level at 1167.03. A daily close above this juncture exposes resistance at 1227.40, with 1167.03 recast as support. For the time being however, the immediate downside barrier remains at 1127.42.

US_Dollar_Pullback_Has_Room_to_Continue_Before_Rally_Resumes_body_Picture_5.png, US Dollar Pullback Has Room to Continue Before Rally Resumes

CRUDE OIL Prices broke above 38.2% Fibonacci extension resistance at $80.97 yesterday, opening the door for a move to the 23.6% level at $84.61 from here. The 38.2% Fib has been recast as near-term support. Gains remain corrective whilst within the falling channel carved out from early May.

US_Dollar_Pullback_Has_Room_to_Continue_Before_Rally_Resumes_body_Picture_6.png, US Dollar Pullback Has Room to Continue Before Rally Resumes

GOLD A pronounced Hammer candlestick above support at $1624.09 – the 23.6% Fibonacci retracement level – preceded the beginnings of a corrective bounce. Buyers now see the 38.2% level at $1680.78 as near-term resistance. The 23.6% Fib continues to act as immediate support.

US_Dollar_Pullback_Has_Room_to_Continue_Before_Rally_Resumes_body_Picture_7.png, US Dollar Pullback Has Room to Continue Before Rally Resumes

US DOLLAR Prices followed a bearish Hanging Man candlestick below resistance at 9985, the 76.4% Fibonacci extension, with a break through the 61.8% extension level at 9923. The next major layer of support stands at 9831, the intersection of the 38.2% Fib and the bottom of a rising channel set from late August. The 61.8% mark has been recast as resistance.

US_Dollar_Pullback_Has_Room_to_Continue_Before_Rally_Resumes_body_Picture_8.png, US Dollar Pullback Has Room to Continue Before Rally Resumes

Daily Chart - 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.