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
Bullish
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
Bullish
More View more
Real Time News
  • US Dollar Price Forecast: USD/CHF Points Lower, AUD/USD Nears 11 Years Low More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2020/02/26/US-Dollar-Price-Forecast-USDCHF-Points-Lower-AUDUSD-Nears-11-Years-Low-MK.html?CHID=9&QPID=917714 https://t.co/YrHitrZQsN
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.54% Oil - US Crude: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FQkjdtvLnK
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.13% 🇪🇺EUR: 0.03% 🇨🇦CAD: -0.12% 🇳🇿NZD: -0.31% 🇦🇺AUD: -0.50% 🇬🇧GBP: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/leG989bwbs
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/SIpslvhX0J https://t.co/2CzfSogTXb
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: -0.29% Wall Street: -0.49% France 40: -1.55% Germany 30: -2.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hPZB536FYs
  • First case of coronavirus in Latin America after Brazilian government confirmation $BRL
  • LIVE NOW! Currency Startegist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Housing data may be more heavily scrutinized in 2020 as softer global growth places more stress on the consumer to keep the American economy afloat. Get your market update from @ZabelinDimitri here: https://t.co/ms4EGbJ1WF https://t.co/sui80Dc5Pz
  • LIVE IN 30 MIN: Currency Startegist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/s57BFFNerk
US Dollar May Retreat Before Larger Up Trend Resumes

US Dollar May Retreat Before Larger Up Trend Resumes

2011-12-30 03:50:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAYUS Dollar technical positioning warns that the currency may see a period of short-term weakness before the larger bullish trend resumes anew.

S&P 500 – Prices completed a bearish Evening Doji Star candlestick below resistance at 1273.40, pointing to a double top in progress. A short-term bounce has materialized from support at 1251.40, the 14.6% Fibonacci extension level, but the bearish signal remains in force absent a daily close above the pattern’s high (1269.60). A break through immediate support exposes the 23.6% Fib at 1238.20.

US_Dollar_May_Retreat_Before_Larger_Down_Trend_Resumes_body_Picture_5.png, US Dollar May Retreat Before Larger Up Trend Resumes

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a Hammer candlestick above resistance-turned-support at thetop of a falling channel set from mid-November, hinting a pull-up is ahead. Initial resistance lines up at 101.80. The channel bottom, now at 98.93, remains as near-term support.

US_Dollar_May_Retreat_Before_Larger_Down_Trend_Resumes_body_Picture_6.png, US Dollar May Retreat Before Larger Up Trend Resumes

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are showing a Hammer candlestick above support at 1532.45, the September 26 wick low, pointing to a corrective bounce ahead after gold took out major multi-year trend line support yesterday. Trend line resistance lines up at 1569.85. Renewed selling through support initially exposes 1477.99, the July 1 low.

US_Dollar_May_Retreat_Before_Larger_Down_Trend_Resumes_body_Picture_7.png, US Dollar May Retreat Before Larger Up Trend Resumes

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bearish Shooting Star candlestick below resistance at 10027, the 38.2% Fibonacci extension level, hinting a pullback is ahead. Initial support lines is marked by rising trend line set from early November at 9947 and reinforced by the 23.6% extension at 9934. A break below the latter barrier exposes 9823. Alternatively, renewed upward momentum through resistance aims for the year-to-date closing high at 10081.

US_Dollar_May_Retreat_Before_Larger_Down_Trend_Resumes_body_Picture_8.png, US Dollar May Retreat Before Larger Up Trend Resumes

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.