News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here: https://t.co/5gbiHmY8yl https://t.co/mQ6ty8Yalv
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?https://t.co/rfA2TsBctB https://t.co/SNoOEVLXvA
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:https://t.co/NJ683bZKpe https://t.co/zt3bYddjZ6
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
US Dollar Probing Lower But S&P 500 Chart Hints Recovery Ahead

US Dollar Probing Lower But S&P 500 Chart Hints Recovery Ahead

2012-01-03 03:21:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAYThe US Dollar is under pressure to start 2012 but S&P 500 technical hints a recovery is ahead as risk aversion returns to buoy the safe-haven currency.

S&P 500 – Unchanged from last week: “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_Probing_Lower_But_SP_500_Chart_Hints_Recovery_Ahead_body_Picture_5.png, US Dollar Probing Lower But S&P 500 Chart Hints Recovery Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are starting to drift higher after putting in a Hammer candlestick above resistance-turned-support at thetop of a falling channel set from mid-November. The pull-up is seen as corrective for the time being. Initial resistance lines up at 101.80. The channel bottom, now at 98.79, is acting as near-term support.

US_Dollar_Probing_Lower_But_SP_500_Chart_Hints_Recovery_Ahead_body_Picture_6.png, US Dollar Probing Lower But S&P 500 Chart Hints Recovery Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD As we suspected last week, prices recovered after showing a Hammer candlestick above support at 1532.45, the September 26 wick low. The metal is now probing higher through former support at a multi-year trend line broken last week, with a break exposing the underside of a falling channel set from early November (currently at 1605.65). Current gains are seen as corrective in the context of a larger down move.

US_Dollar_Probing_Lower_But_SP_500_Chart_Hints_Recovery_Ahead_body_Picture_7.png, US Dollar Probing Lower But S&P 500 Chart Hints Recovery Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR The greenback moved lower as expected after putting in a bearish Shooting Star candlestick below resistance at 10027, the 38.2% Fibonacci extension level. Prices are now probing below the 23.6% extension at 9934, with a break lower exposing a former Head & Shoulders bottom neckline at 9823.

US_Dollar_Probing_Lower_But_SP_500_Chart_Hints_Recovery_Ahead_body_Picture_8.png, US Dollar Probing Lower But S&P 500 Chart Hints Recovery Ahead

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