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
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
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
  • The range in USD/CAD broke with aggression this week as CAD sellers pushed the currency after the Bank of Canada rate decision. Get your $USDCAD technical analysis from @JStanleyFX here: https://t.co/8oHoLLqvtR https://t.co/8ZXx6GbKAn
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here: https://t.co/CPmNJSgHXY https://t.co/RdM0cbyfSf
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here:https://t.co/Bup64Arva9 https://t.co/CpraRXneTJ
  • The British Pound may fall as #Brexit commences, but will the Bank of England cut rates? The US Dollar could rise if the Fed spooks markets with plans to unwind repo operations $GBPUSD #BoE #GBP #Sterling - https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/01/26/British-Pound-May-Yet-Fall-on-Brexit-BoE-and-Fed-Are-Risks.html?CHID=9&QPID=917702 https://t.co/v39NsmOCwa
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/5VQdkbIqTo
  • Last week was more of the same, a narrowing range following the UK general election fireworks; GBP/USD has a couple of clear signposts to keep an eye on. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/3pJfj0w2AX https://t.co/Cm6zhnBSGR
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here: https://t.co/Bup64Arva9 https://t.co/OLpavqPOVA
  • RT @globaltimesnews: A total of 1,052 cases of #coronavirus have been reported as of Jan 25 in #Hubei Province, with 129 in critical condit…
  • RT @FactSet: $SPX is reporting revenue growth of 2.9% for Q4, led by the Health Care (11%), Utilities (9%), and Communication Services (9%)…
  • The AUD has been hit by the risk-appetite pullback occasioned by the spread of Wuhan-strain coronavirus. This week may see domestic focus return, if headlines allow, with key inflation data due. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/UIpwno0pSq https://t.co/kib4d1mA0q
US Dollar Chart Setup Hints Two-Week Pullback May Be Exhausted

US Dollar Chart Setup Hints Two-Week Pullback May Be Exhausted

2012-03-28 02:41:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAY: US Dollar technical positioning hints the pullback witnessed over the past two weeks may have run its course with a bullish reversal starting to take shape.

S&P 500 – Prices put in a bearish Harami candlestick pattern below resistance at the top of a Rising Wedge chart formation being carved out since November, with negative RSI divergence reinforcing the case for a downside scenario. Initial support lines up at 1408.80, the 38.2% Fibonacci expansion level. Importantly, we’ve seen plenty of false starts to the downside recently so caution is warranted pending firm confirmation on a break of the Wedge formation’s bottom on a daily closing basis. Near-term esistance is now at 1424.20.

US_Dollar_Chart_Setup_Hints_Two-Week_Pullback_May_Be_Exhausted_body_Picture_5.png, US Dollar Chart Setup Hints Two-Week Pullback May Be Exhausted

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices appear to be carving out a descending Triangle chart pattern. The setup generally argues in favor of a turn lower but confirmation is needed on a clear break of support at 104.75, the 38.2% Fibonacci retracement level. Near-term falling trend line resistance lines up at 107.95.

US_Dollar_Chart_Setup_Hints_Two-Week_Pullback_May_Be_Exhausted_body_Picture_6.png, US Dollar Chart Setup Hints Two-Week Pullback May Be Exhausted

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices pulled back from resistance at 1691.06, the 23.6% Fibonacci expansion, with sellers facing initial support at 1666.37. A break below this barrier exposes 1641.62. Alternatively, a reversal higher through near-term resistance targets the 38.2% expansion at 1730.16.

US_Dollar_Chart_Setup_Hints_Two-Week_Pullback_May_Be_Exhausted_body_Picture_7.png, US Dollar Chart Setup Hints Two-Week Pullback May Be Exhausted

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a Bullish Engulfing candlestick above support at 9885, the confluence of the 38.2% Fibonacci retracement and two trend lines, a falling one set from mid-December that previously acted as resistance and a more recent rising one established from the February 8 low. The setup hints the pullback playing out over the past two weeks may have run its course. Initial resistance lines up at 9997, the 23.6% Fib.

US_Dollar_Chart_Setup_Hints_Two-Week_Pullback_May_Be_Exhausted_body_Picture_8.png, US Dollar Chart Setup Hints Two-Week Pullback May Be Exhausted

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.