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
Wall Street
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
More View more
Real Time News
  • EUR/USD extends the series of lower highs and lows from the previous week as European Central Bank (ECB) officials defend the dovish forward guidance for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/4dgXe9lMik https://t.co/5CkSsQKawh
  • There are reasonable disputes over where technical boundaries exist from people with different views, charts, time frames, etc. I think this $SPX gap down and drive below the 50-day SMA clearly qualifies as a break https://t.co/M15HsOyvoG
  • Some people like a quiet market that edges higher consistently day in and day out. I am not one of those people. I like volatility
  • 🇺🇸 NAHB Housing Market Index (SEP) Actual: 76 Expected: 74 Previous: 75 https://www.dailyfx.com/economic-calendar#2021-09-20
  • The Fed has a rate decision on Wednesday which means that they’re in a blackout period now, preventing the possibility of Fed-speak to perk markets up until we hear the rate decision later this week. Get your market update from @JStanleyFX here:https://t.co/bYjo3Blq51 https://t.co/F51NbRoIOi
  • Heads Up:🇺🇸 NAHB Housing Market Index (SEP) due at 14:00 GMT (15min) Expected: 74 Previous: 75 https://www.dailyfx.com/economic-calendar#2021-09-20
  • quick write-up ahead of the us equity open https://www.dailyfx.com/forex/market_alert/2021/09/20/stocks-hit-as-evergrande-risk-begins-to-spread.html https://t.co/e1KeExz369
  • Airliners hitting session highs following these reports - IAG +7.7% https://t.co/6l9YeffkIy
  • US to relax EU/UK travel restrictions for vaccinated - FT
  • S&P 500 Weekly chart for perspective we're < 5% off of ath's set in early-Sept, at this point $ES $SPY $SPX https://t.co/XO0GWRe2Ov https://t.co/dkYu360DoA
US Dollar Pullback Keeps Broader Bullish Setup Intact for Now

US Dollar Pullback Keeps Broader Bullish Setup Intact for Now

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar pulled back to key support as prices struggle to build upward momentum but overall positioning continues to warn of a bullish reversal.

S&P 500 – Prices took out 61.8% Fibonacci expansion resistance at 1415.70 to test the 76.4% level at 1421.40. The 61.8% level has been recast as support and is now reinforced by the lower boundary of a rising channel set the March 29 bottom. A break below this boundary sees initial support at 1411.10 and 1406.50, the 50% and 38.2% Fibs respectively. Alternatively, a break higher exposes the March 27 high at 1424.90.

US_Dollar_Pullback_Keeps_Broader_Bullish_Setup_Intact_for_Now_body_Picture_5.png, US Dollar Pullback Keeps Broader Bullish Setup Intact for Now

4hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL As we suspected yesterday, crude moved higher after putting in an Inverted Hammer candlestick above support at 102.97, the 50% Fibonacci retracement. Prices closed above initial resistance at 104.75, the 38.2% Fib, with bulls now aiming to challenge the 23.6% level at 106.96. This barrier is reinforced by a falling channel top set from late February. The 104.75 level has been recast as near-term support.

US_Dollar_Pullback_Keeps_Broader_Bullish_Setup_Intact_for_Now_body_Picture_6.png, US Dollar Pullback Keeps Broader Bullish Setup Intact for Now

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices moved higher as expected after taking out resistance at 1690.04, the 23.6% Fibonacci retracement level. The bulls continue to target the 38.2% Fib at 1690.04, with a break above that exposing 1709.23. Near-term support remains in the 1658.51-1666.29 area.

US_Dollar_Pullback_Keeps_Broader_Bullish_Setup_Intact_for_Now_body_Picture_7.png, US Dollar Pullback Keeps Broader Bullish Setup Intact for Now

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices remain wedged between resistance-turned-support at a falling trend line set from the mid-December swing high and a shorter-term downward sloping barrier capping the upside since mid-March. A break below 38.2% Fibonacci retracement support at 9935 exposes the 50% level at 9885. The 9935 level has been recast as resistance. On balance, a Bullish Engulfing candlestick pattern still points to al looming upward reversal and needs a daily close below the March 27 low at 9896 to be neutralized.

US_Dollar_Pullback_Keeps_Broader_Bullish_Setup_Intact_for_Now_body_Picture_8.png, US Dollar Pullback Keeps Broader Bullish Setup Intact for Now

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