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
EUR/USD
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
Oil - US Crude
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
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
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Combing the headlines today, it feels very much like a 'these are the stocks that will hit record highs should the pandemic and recession return' kind of vibe. Rampant speculation.
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.52% 🇪🇺EUR: 0.46% 🇬🇧GBP: 0.23% 🇨🇦CAD: 0.01% 🇯🇵JPY: -0.03% 🇦🇺AUD: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d7oMzMEfU6
  • Senator McConnell says stimulus to be voted on this Tuesday and Wednesday - BBG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.90% Gold: 0.23% Oil - US Crude: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zaH4DP0nFZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.05%, while traders in EUR/USD are at opposite extremes with 69.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/b7OFCOlJkt
  • After recovering from March 2020 lows, price action favored the bulls, until reaching a wall of resistance on 1 September at the psychological level of 1.2000. Get your $EURUSD market update from @Tams707 here:https://t.co/PxcRm33ooH https://t.co/S7thoATfKw
  • US Equity Update (Monday Close): $DJI -1.43% $SPX -1.63% $NDX -1.84% $RUT -1.23% $VIX +6.24%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: 0.03% France 40: -0.50% FTSE 100: -0.58% Germany 30: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/N8tSHADd40
  • Silver continues to grind higher and is now making a breakthrough a short-term resistance trendline started at the beginning of September. Get your $XAG market update from @nickcawley1 here:https://t.co/ImLodz3YT0 https://t.co/De0mXd0afk
  • Heads Up:🇺🇸 Fed Harker Speech due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-19
US Dollar Vulnerable to Deeper Losses, S&P 500 at Risk of Reversal

US Dollar Vulnerable to Deeper Losses, S&P 500 at Risk of Reversal

2012-03-19 04:40:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is vulnerable to deeper losses after taking out initial support while the S&P 500 appears increasingly likely to produce a downswing.

S&P 500 – Prices are facing resistance at 1408.90 at the confluence of the 38.2% Fibonacci expansion and the top of a Rising Wedge chart formation. Negative RSI divergence hints a move lower is ahead. Initial support lines up at 1382.90, the 23.6% Fib, and is reinforced by the Wedge “midline”.

US_Dollar_Vulnerable_to_Deeper_Losses_SP_500_at_Risk_of_Reversal_body_Picture_5.png, US Dollar Vulnerable to Deeper Losses, S&P 500 at Risk of Reversal

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices followed a Hammer candlestick with a break through the top of a Rising Wedge chart formation identified last week. The bulls are now testing above initial resistance at 107.35, the 23.6% Fibonacci expansion, with a close above this barrier exposing the 38.2% Fib at 109.56. The Wedge top, now at 106.43, has been recast as near-term support.

US_Dollar_Vulnerable_to_Deeper_Losses_SP_500_at_Risk_of_Reversal_body_Picture_6.png, US Dollar Vulnerable to Deeper Losses, S&P 500 at Risk of Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices appear to be carving out a Falling Wedge bullish reversal chart formation, with a Harami candlestick pattern above support at 1638.84 reinforcing the likelihood of a bounce. Initial resistance lines up in the 1666.37-1677.05 area, with a break above that validating the Wedge setup and exposing resistance barriers at the 1700/oz figure as well as 1718.05.

US_Dollar_Vulnerable_to_Deeper_Losses_SP_500_at_Risk_of_Reversal_body_Picture_7.png, US Dollar Vulnerable to Deeper Losses, S&P 500 at Risk of Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR As we suspected, prices followed a bearish Dark Cloud Cover candlestick pattern with a move lower, taking out support at 9995 marked by the 50% Fibonacci expansion. From here, sellers aim to challenge the 38.2% Fib at 9919, a barrier reinforced by a falling trend line set from mid-December and now recast as support. The 50% expansion now marked the first layer of resistance.

US_Dollar_Vulnerable_to_Deeper_Losses_SP_500_at_Risk_of_Reversal_body_Picture_8.png, US Dollar Vulnerable to Deeper Losses, S&P 500 at Risk of Reversal

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