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
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
Bitcoin
Mixed
More View more
Real Time News
  • 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%
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/XYs6c4iBWw
  • EUR/USD Technical Analysis: Euro Rebound Losing Steam? - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/02/27/EURUSD-Technical-Analysis-Euro-Rebound-Losing-Steam.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis https://t.co/Tox2elMM81
  • The $USD may rise against the Norwegian Krone and Swedish Krona in the week ahead as panic about the #coronavirus inflames demand for anti-risk FX at the expense of cycle-sensitive assets. Get your market update from @ZabelinDimitri here: https://t.co/9Dqik0Xj2u https://t.co/XSsU8tpC14
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.62%, while traders in USD/CAD are at opposite extremes with 68.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Wt09DQTqYI
S&P 500 Chart Setup Hints at Weakness, Promising Boost to US Dollar

S&P 500 Chart Setup Hints at Weakness, Promising Boost to US Dollar

2011-12-06 07:28:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAYS&P 500 technical positioning hints a reversal lower looms ahead, promising to reboot the rally in the safe-haven US Dollar.

S&P 500 – Prices put in a second Shooting Star candlestick below rising trend support-turned-resistance in place since mid-October, hinting a reversal lower may be ahead. The series of lower closing tops playing out since October 27 likewise remains unbroken, arguing in favor of a broadly bearish bias. Initial support lines up at 1239.10, the 23.6% Fibonacci retracement level.

SP_500_Chart_Setup_Hints_at_Weakness_Promising_Boost_to_US_Dollar_body_Picture_5.png, S&P 500 Chart Setup Hints at Weakness, Promising Boost to US Dollar

CRUDE OIL Prices put in a Dark Cloud Cover candlestick pattern below resistance at 103.35 following a retest of a rising channel bottom established from early October, hinting a move lower is ahead. Initial support lines up at 94.56.

SP_500_Chart_Setup_Hints_at_Weakness_Promising_Boost_to_US_Dollar_body_Picture_6.png, S&P 500 Chart Setup Hints at Weakness, Promising Boost to US Dollar

GOLD As we suspected yesterday, prices moved lower following the formation of a Shooting Star candlestick below resistance at 1746.08, the 14.6% Fibonacci extension. Near-term support remains at 1711.13, the 23.6% level, a boundary reinforced by a rising trend line underpinning price action since late September (now at 1689.26). A break below the latter hurdle exposes the 38.2% Fib at 1654.44. The 14.6% level continues to act as immediate resistance.

SP_500_Chart_Setup_Hints_at_Weakness_Promising_Boost_to_US_Dollar_body_Picture_7.png, S&P 500 Chart Setup Hints at Weakness, Promising Boost to US Dollar

US DOLLAR Unchanged from yesterday: “Prices bounced higher after putting in an Inverted Hammer candlestick above support in the 9823-9833 region, marked by the former neckline of a Head and Shoulders bottom completed in mid-November and the 38.2% Fibonacci retracement level respectively. Initial resistance stands at 9925, the 23.6% Fib, with a break above that exposing the 10000 figure. Alternatively, a reversal downward through immediate support leaves the door open to 9759.

SP_500_Chart_Setup_Hints_at_Weakness_Promising_Boost_to_US_Dollar_body_Picture_8.png, S&P 500 Chart Setup Hints at Weakness, Promising Boost to US Dollar

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.