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
Gold
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
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:https://t.co/6OpqGxv4ni https://t.co/eLEbTosjx9
  • RT @WVenketas: #FTSE100 index up 1% today and 9.70% YTD after several constituents posted record #earnings results with help from a #dovish…
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.01% Gold: 1.15% Oil - US Crude: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bApWwhOIbg
S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 met the downside target implied by a near-term Head and Shoulders topping chart formation, with sellers now aiming to force a larger reversal.

S&P 500 – Prices broke through support at 1377.10 to meet the measured target of the Head and Shoulders topping chart pattern we’ve monitored since last week (1359.30). Sizing up the overall trend from here, prices are approaching major rising trend line support set from October, a barrier reinforced by the 23.6% Fibonacci retracement at 1342.10. A break below this would mark a major bearish trend reversal. Near-term resistance is at 1373.70-1377.10 for now.

SP_500_Hits_Near-Term_Downside_Target_Larger_Up_Trend_at_Risk_body_Picture_5.png, S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

SP_500_Hits_Near-Term_Downside_Target_Larger_Up_Trend_at_Risk_body_Picture_6.png, S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

Weekly Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices took out support at 101.19, the 61.8% Fibonacci retracement level, to expose support in the 100.13-54 area marked by the bottom of a falling channel set from early March and a rising trend line established from mid-December. A break lower through here exposes downside targets at 97.89 and 95.78. The 101.19 level has been recast as near-term resistance, with a bounce back above that exposing 102.97-103.21.

SP_500_Hits_Near-Term_Downside_Target_Larger_Up_Trend_at_Risk_body_Picture_7.png, S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices breached resistance at 1644.45, with bulls now aiming to challenge 1669.15 at the intersection of the 50% Fibonacci retracement and the top of a falling channel set from March. A break above this level exposes upside targets at 1682.57 and 1699.19.

SP_500_Hits_Near-Term_Downside_Target_Larger_Up_Trend_at_Risk_body_Picture_8.png, S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing support at 9978, the 23.6% Fibonacci expansion level, with a break below that targeting rising trend line support set from early February at 9928. Near-term resistance lines up at 10030, the 38.2% Fib. For the time being, weakness appears corrective absent a daily close below 9893-96 that would invalidate the Bullish Engulfing candle pattern set completed on March 27.

SP_500_Hits_Near-Term_Downside_Target_Larger_Up_Trend_at_Risk_body_Picture_9.png, S&P 500 Hits Near-Term Downside Target, Larger Up Trend at Risk

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