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
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Mixed
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
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/8qO72jQ09n Topics included: - #Coronavirus fears' impact on AUD price action - Aussie Dollar technical analysis - #RBA, #Fed monetary policy outlook
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/SQidi62RGj
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.17% 🇦🇺AUD: 0.12% 🇨🇭CHF: 0.07% 🇯🇵JPY: 0.04% 🇪🇺EUR: 0.01% 🇳🇿NZD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/f8hmtUd9pl
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.95% Wall Street: 0.88% Germany 30: 0.80% France 40: 0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6JMsIfRGtb
  • EUR/USD Technical Analysis: Euro Drop May Be About to Resume - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/02/25/EURUSD-Technical-Analysis-Euro-Drop-May-Be-About-to-Resume.html #EURUSD #technicalanalysis https://t.co/mn0q0xw02x
  • What are the six different types of stocks every trader should know? Find out from @WVenketas here: https://t.co/yO3JalkqUU https://t.co/ihHwmPxZAk
  • European Opening Calls From IG: #FTSE 7188 +0.43% #DAX 13141 +0.81% #CAC 5830 +0.66% #AEX 597 +0.59% #MIB 23785 +1.53% #IBEX 9561 +0.82% #STOXX 3678 +0.81%
  • 🇪🇺 EUR German Gross Domestic Product w.d.a. (YoY) (4Q F), Actual: 0.4% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2020-02-25
  • 🇪🇺 EUR German Gross Domestic Product n.s.a. (YoY) (4Q F), Actual: 0.3% Expected: 0.3% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2020-02-25
  • 🇪🇺 EUR German Gross Domestic Product w.d.a. (YoY) (4Q F), Actual: 0.3% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2020-02-25
S&P 500 Chart Hints at Rebound, Warning of US Dollar Losses

S&P 500 Chart Hints at Rebound, Warning of US Dollar Losses

2011-12-16 02:35:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAYS&P 500 technical positioning hints a recovery may be ahead, warning the US Dollar may correct lower in the days ahead amid waning safe-haven demand.

S&P 500 – Prices put in a Harami candlestick pattern above support at 1209.20, the 38.2% Fibonacci retracement level, hinting a bounce may be ahead. Initial resistance lines up at 1233.40, the December 8 close. Alternatively, renewed selling exposes the 50% Fib at 1183.40.

SP_500_Chart_Hints_at_Rebound_Warning_of_US_Dollar_Losses_body_Picture_5.png, S&P 500 Chart Hints at Rebound, Warning of US Dollar Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices took out horizontal resistance-turned-support at 94.58, hitting interim support at the bottom of a minor falling channel. Continued selling from here exposes the next downside barrier at 90.14. The 94.58 level has been recast as near-term resistance.

SP_500_Chart_Hints_at_Rebound_Warning_of_US_Dollar_Losses_body_Picture_6.png, S&P 500 Chart Hints at Rebound, Warning of US Dollar Losses

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Spinning Top candlestick major support at 1562.55, the intersection of a former resistance level dating back to early May and a rising trend line that has guided the uptrend since October 2008. The setup hints a bounce may be ahead, with the case for an upside scenario bolstered by deeply oversold RSI studies. Initial resistance lines up at 1609.05.

SP_500_Chart_Hints_at_Rebound_Warning_of_US_Dollar_Losses_body_Picture_7.png, S&P 500 Chart Hints at Rebound, Warning of US Dollar Losses

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a Harami candlestick pattern below resistance at 10081, the year-to-date closing high set on October 3, hinting a pullback is ahead. Initial support lines up at 9995, the 14.6% Fibonacci retracement level, with a break below that exposing the 23.6% Fib at 9937. Longer term, near-term weakness is seen as corrective and the trend broadly bullish absent a close below 9823, the former neckline of a Head and Shoulders bottom completed in mid-November.

SP_500_Chart_Hints_at_Rebound_Warning_of_US_Dollar_Losses_body_Picture_8.png, S&P 500 Chart Hints at Rebound, Warning of US Dollar Losses

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.