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 Rally May Be Close to Resumption as Prices Hit Key Support

US Dollar Rally May Be Close to Resumption as Prices Hit Key Support

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is testing critical trend line support. The currency’s behavior here will mark recent weakness as either corrective or part of a larger down move.

S&P 500 – Prices appear to have taken out resistance at 1408.90 at the confluence of the 38.2% Fibonacci expansion and the top of a Rising Wedge chart formation. The move hints the Wedge’s bearish implications have been negated, exposing the next layer of resistance at 1429.70 marked by the 50% Fib. With that in mind, the breakout was very narrow, suggesting it may be too soon to read too much into it for now. A pullback from here sees initial support at the 1400 figure.

US_Dollar_Rally_May_Be_Close_to_Resumption_as_Prices_Hit_Key_Support_body_SPX.png, US Dollar Rally May Be Close to Resumption as Prices Hit Key Support

Daily 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 have now cleared initial resistance at 107.35, the 23.6% Fibonacci expansion, exposing the next barrier at 109.56 marked by the 38.2% Fib. The 23.6% expansion has been recast as near-term support.

US_Dollar_Rally_May_Be_Close_to_Resumption_as_Prices_Hit_Key_Support_body_Picture_6.png, US Dollar Rally May Be Close to Resumption as Prices Hit Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to carve 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_Rally_May_Be_Close_to_Resumption_as_Prices_Hit_Key_Support_body_Picture_7.png, US Dollar Rally May Be Close to Resumption as Prices Hit Key Support

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. Bears are now retesting resistance-turned support at a falling trend line set from the December 14 swing high, a barrier reinforced by the 38.2% Fibonacci expansion at 9919. A break downward exposes 9824. Near-term resistance lines up at 9995, the 50% Fib expansion. Broadly speaking, price action since 3/15 can be seen as corrective absent a close below the trend line, whose break on 3/9 marked a meaningful bullish development.

US_Dollar_Rally_May_Be_Close_to_Resumption_as_Prices_Hit_Key_Support_body_Picture_8.png, US Dollar Rally May Be Close to Resumption as Prices Hit Key Support

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