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
Bearish
GBP/USD
Mixed
USD/JPY
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
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • US 10-Year yield falls below 1.70% to test December lows https://t.co/l5liuTnY2z
  • RT @HuXijin_GT: Forbidden City announced Thursday to close over fear of coronavirus, followed by other museums nationwide. Beijing cancelle…
  • Canadian #Dollar Price Outlook: $USDCAD Bulls at Risk- #Loonie Weekly Trade Levels - https://t.co/17whXkzrb5 https://t.co/eWodvVeuxS
  • The Kiwi has erased earlier gains driven by the 0.1% beat on 4Q inflation data. $NZDUSD respecting the technical resistance level I outlined yesterday using its overnight implied volatility trading range. https://t.co/gYV0b5OFxK https://t.co/28gm6fpUwL
  • $EURUSD may have finally broken the support that it needed to in order for it to gain some momentum. The trend-line off the October low was broken decisively Get your EUR/USD technical analysis from @PaulRobinsonFX here: https://t.co/nZAHrHZler https://t.co/9so7jK5CB6
  • RT @WhiteHouseCEA: The unemployment rates in #Colorado, #Florida, #Georgia, #Illinois, #Oregon, #SouthCarolina, #Utah, and #Washington achi…
  • German Bund Yields Update: 2-Year: -0.620% 3-Year: -0.632% 5-Year: -0.586% 7-Year: -0.498% 10-Year: -0.330% 30-Year: 0.187%
  • Crude oil is 2.5% away from slipping into a technical bear market #oott $CL_F $USO https://t.co/NAcxVe6HUH
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇨🇦CAD: -0.09% 🇳🇿NZD: -0.18% 🇪🇺EUR: -0.25% 🇦🇺AUD: -0.34% 🇬🇧GBP: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q8f4ORTN6E
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.34% France 40: 0.89% Wall Street: -0.10% US 500: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AUIpHobKfW
S&P 500 Inching Lower as US Dollar Attempts to Clear Resistance

S&P 500 Inching Lower as US Dollar Attempts to Clear Resistance

2012-03-23 03:55:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAY: The S&P 500 is inching lower toward validating a bearish technical setup while the US Dollar continues to push up against resistance trying to break higher.

S&P 500 – Prices are edging lower after putting in a Hanging Man candlestick below resistance at the top of a Rising Wedge chart formation being carved out since November, hinting a move lower may gaining momentum. Initial support lines up at the 23.6% Fibonacci expansion at 1382.60. Near-term resistance is in the 1408.80-1418.20area, marked by the 38.2% expansion and the Wedge top.

SP_500_Inching_Lower_as_US_Dollar_Attempts_to_Clear_Resistance_body_Picture_5.png, S&P 500 Inching Lower as US Dollar Attempts to Clear Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continued to retest resistance-turned-support at the top of a recently broken Falling Wedge top having put in a Bearish Engulfing candlestick pattern below the 14.6% Fibonacci retracement at 108.32. It remains unclear whether the recent pullback represents a true reversal or merely a correction. A break of the 38.2% Fib at 104.75 would confirm the bearish scenario. Initial resistance now stands at 106.96, the 23.6% retracement.

SP_500_Inching_Lower_as_US_Dollar_Attempts_to_Clear_Resistance_body_Picture_6.png, S&P 500 Inching Lower as US Dollar Attempts to Clear Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to consolidate in a familiar range between resistance in the 1666.37-1677.05 area and the 38.2% Fibonacci expansion at 1638.49. A break higher exposes a familiar pivot at 1718.05 while a close below support clears the way for a move to the 50% expansion at 1590.82.

SP_500_Inching_Lower_as_US_Dollar_Attempts_to_Clear_Resistance_body_Picture_7.png, S&P 500 Inching Lower as US Dollar Attempts to Clear Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are stalling below resistance at 9997, the 23.6% Fibonacci retracement, having put in a Bullish Engulfing candlestick pattern above resistance-turned-support at a falling trend line set from the December 14 swing high. A daily close above this boundary exposes the 61.8% Fib expansion at 10071. Near-term support is at 9935, the 38.2% retracement for now.

SP_500_Inching_Lower_as_US_Dollar_Attempts_to_Clear_Resistance_body_Picture_8.png, S&P 500 Inching Lower as US Dollar Attempts to Clear Resistance

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

News & Analysis at your fingertips.