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
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • (Weekly Fundamental Outlook) The medium-term #gold outlook still seems favorable as the #Fed, ECB and more keep rates around 0. Immediate event risk ahead includes the RBA and BoC interest rate decisions, US jobs data and #Brexit talks #XAUUSD - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/05/30/Gold-Prices-Face-RBA-BoC-ECB-US-Jobs-Data-and-Brexit-Talks.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/m8sRNc4L5H
  • U.K. Eurozone Czech Poland Germany Italy France Spain Indonesia Hong Kong Singapore Japan Unemployment stats: US Eurozone
  • Hello there, traders! Heads up: we have got a data-packed week ahead of us. Here are the highlights: Central bank rate decisions: - BOC - ECB Markit PMI data out of: China US Vietnam Malaysia South Korea Philippines Thailand Taiwan India Turkey (continued⬇️)
  • The European Commission proposed an ambitious recovery fund, containing the key parts of the Franco-German aid package with grants at EUR 500bln and loans at EUR 250bln. Get your $EURUSD update from @JMcQueenFX here: https://t.co/LmIaveRajb https://t.co/LWTBVLIDBf
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/3nwDel6e28
  • The tension from March continues to subside, allowing for the $USD to slide to fresh two-month-lows. Get your currencies market update from @JStanleyFX here: https://t.co/bRSRjUqg6Z https://t.co/Q35YpIZEd2
  • López Obrador hopes #USMCA will help tighten trade relationships between the US and Mexico. Get your currencies market update from @HathornSabin here: https://t.co/bZrUKSCGaS https://t.co/MZ7UoiWWRj
  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/sofO135ElG
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Get your ASEAN currencies market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/ZGFaQQ3Hr2
  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
S&P 500 Moves Closer to Confirming Top, Hinting at US Dollar Strength

S&P 500 Moves Closer to Confirming Top, Hinting at US Dollar Strength

2012-01-12 01:22:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAYS&P 500 technical positioning hints a double top is forming below the 1300 figure, promising forthcoming gains for the safe-haven US Dollar.

S&P 500 – Prices put in a bearish Hanging Man candlestick below resistance at 1292.90, the October 27 high, hinting a move lower is ahead and bolstering the case for a forthcoming double top formation. Near-term support stands at 1265.30, while a daily close above 1292.90 initially exposes 1305.40.

SP_500_Moves_Closer_to_Confirming_Top_Hinting_at_US_Dollar_Strength_body_Picture_5.png, S&P 500 Moves Closer to Confirming Top, Hinting at US Dollar Strength

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices took out support at 101.28, hinting a double to is in place below 103.35, the November 17 high, and exposing the next downside barrier at 97.89. The narrow breach is somewhat suspect however and may prove to be head-fake so additional confirmation is needed before the bearish argument can be made convincingly. The 101.28 level has been recast as near-term resistance.

SP_500_Moves_Closer_to_Confirming_Top_Hinting_at_US_Dollar_Strength_body_Picture_6.png, S&P 500 Moves Closer to Confirming Top, Hinting at US Dollar Strength

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continued higher after taking out resistance at 1629.57, the 38.2% Fibonacci retracement, with the bulls now aiming to challenge the 50% level at 1662.65. A daily close above this boundary exposes the 61.8% mark at 1698.73. The 38.2% mark has been recast as near-term support.

SP_500_Moves_Closer_to_Confirming_Top_Hinting_at_US_Dollar_Strength_body_Picture_7.png, S&P 500 Moves Closer to Confirming Top, Hinting at US Dollar Strength

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR The greenback rebounded from support at the midline of a falling channel in place since mid-December to challenge the formation’s top, now at 10015. A break above this juncture exposes the 2011 closing high at 10081. Channel midline support is now at 9925.

SP_500_Moves_Closer_to_Confirming_Top_Hinting_at_US_Dollar_Strength_body_Picture_8.png, S&P 500 Moves Closer to Confirming Top, Hinting at US Dollar Strength

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.