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
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
GBP/USD
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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Fed's Kaplan says hopeful that rate cut will produce more normal yield curve $DXY $TNX
  • RT @LiveSquawk: Fed’s Kaplan: Hopeful Fed's Rate Cut Will Help Deliver A More Normally Shaped Yield Curve
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.86%, while traders in France 40 are at opposite extremes with 89.88%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6YHNi1HVIC
  • Nebraska Department of Agriculture reports that the China trade delegation has canceled their visit $DXY $SPX #Tradewar
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: France 40: -0.26% US 500: -0.33% Wall Street: -0.35% Germany 30: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eDYtqwsUTc
  • Nebraska Department of Agriculture says China agriculture delegation cancels US farm visit to Nebraska according to RTRS #Tradewar $SPX
  • New Montana tourism campaign slogan: 'Visit Montana or the markets will drop. It's Time.' https://t.co/HemCbRKFIP
  • The MSCI #EmergingMarkets index down to session lows, covering the upside gap attained at Friday's market open as risk aversion engulfs financial markets in the wake of China's delegation team cancelling a farm trip to Montana. Will this bode ill for ongoing talks? #TradeWars https://t.co/AfeI8sL1mx
  • Anti-fiat #Gold prices at session highs as US government bond yields tumble following Chinese delegation team canceling farm trip in Montana #TradeWars https://t.co/byTaNE763d
  • 🇺🇸 (USD) Baker Hughes U.S. Rig Count (SEP 20), Actual: 868 Expected: 881 Previous: 886 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
US Dollar Chart Setup Points to Bounce From Key Support

US Dollar Chart Setup Points to Bounce From Key Support

2012-05-02 03:12:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAY: US Dollar technical positioning hints the greenback is on the verge of staging a recovering from major support underpinning prices from late August 2011.

S&P 500 – Prices continue to consolidate between 1399.10 and 1409.00, the 61.8% and 76.4% Fibonacci retracement levels. A break higher exposes the late March to early April swing top in the 1419.90-1424.90 area. Alternatively, a push through near-term support targets the 50% Fib at 1391.20.

US_Dollar_Chart_Setup_Points_to_Bounce_From_Key_Support_body_Picture_5.png, US Dollar Chart Setup Points to Bounce From Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices took out resistance in the 104.90-105.15 area marked by a former support as well as the 50% Fibonacci retracement level to meet a falling trend line capping gains since late February. This barrier is reinforced by the 61.8% Fib at 106.27. A break above this barrier exposes the 76.4% at 107.67. The 104.90-105.15 area has been recast as support.

US_Dollar_Chart_Setup_Points_to_Bounce_From_Key_Support_body_Picture_6.png, US Dollar Chart Setup Points to Bounce From Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Unchanged from yesterday: “Prices took out the top of a falling channel set from early March, with the bulls now aiming to challenge resistance at 1680.00 and 1696.88 marked by key swing highs set on April 12 and March 27.” The channel top, now at 1654.93, is acting as near-term support.

US_Dollar_Chart_Setup_Points_to_Bounce_From_Key_Support_body_Picture_7.png, US Dollar Chart Setup Points to Bounce From Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bullish Morning Star candlestick pattern above trend line support set from late July 2011, hinting a move higher is ahead. Confirmation of a reversal requires a daily close above the 9879-9906 area. Near-term support is now at 9819.

US_Dollar_Chart_Setup_Points_to_Bounce_From_Key_Support_body_Picture_8.png, US Dollar Chart Setup Points to Bounce From 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

provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.