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. See our updated Privacy Policy here.

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
Bearish
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bearish
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
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar momentum continues to outpace the S&P 500, with the buck soaring toward its 2011 high while the benchmark stocks gauge languished below 1400.

S&P 500 – Unchanged from yesterday: “Prices appear to be carving out bearish Rising Wedge chart pattern (albeit a bit of an awkward-looking one). Negative RSI divergence bolsters the case for a brewing downward reversal. Initial support lines up at 1377.10, with a break below that exposing 1358.90. Near-term resistance stands at the 1400 figure, a psychological barrier reinforced by the Wedge top.”

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_5.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL As we suspected, prices broke lower after putting in a Bearish Engulfing candlestick, with sellers taking out 23.6% Fibonacci retracement support at 106.50 to expose the 38.2% barrier at 104.38. The 106.50 level has been recast s near-term resistance.

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_6.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD As we suspected, prices moved lower after putting in a bearish Dark Cloud Cover candlestick pattern below support-turned-resistance at 1719.76. Sellers are now testing 61.8% Fibonacci expansion support at 1637.93, with a break below that exposing the 76.4% level at 1619.32. Initial resistance is marked by the 50% and 38.2% Fibs at 1652.97 and 1668.01, respectively.

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_7.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing above the 61.8% Fibonacci expansion at 10072, with a break higher exposing the October 4 top at 10134 followed by the 76.4% expansion at 10166. The 50% Fib at 9995 remains as near-term support.

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_8.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

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 Ilya 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