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
Oil - US Crude
Bearish
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
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 1.70% Wall Street: 1.21% Germany 30: 1.20% US 500: 0.87% FTSE 100: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/IQYBPY8iLP
  • ECB's Guindos says no decision made on purchases of junk bonds - BBG
  • Among the risk-leaning FX benchmarks, $AUDUSD is up to its own 200-day moving average as it progresses to 3-month highs https://t.co/Lxmsb6OKVQ
  • The $SPX's emini continuous contract ($ES_F) has charged above its 200-day moving average and high-profile 3,000 level https://t.co/fVVFCzZZpY
  • GBP/USD is still rising within a triangle pattern on the charts and will likely continue to do so as long as trendline support holds. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/itmza6bpyG https://t.co/pz8UlNfQQr
  • 🇺🇸 House Price Index MoM Actual: 0.1% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:🇺🇸 House Price Index MoM due at 13:00 GMT (15min) Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:🇷🇺 Unemployment Rate due at 13:00 GMT (15min) Expected: 5.5% Previous: 4.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:💶 ECB Financial Stability Review due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-26
  • 🇺🇸 Chicago Fed National Activity Index Actual: -16.74 Previous: -4.19 https://www.dailyfx.com/economic-calendar#2020-05-26
US Dollar on the Verge of Bullish Breakout, S&P 500 Loses 1400 Figure

US Dollar on the Verge of Bullish Breakout, S&P 500 Loses 1400 Figure

2012-05-04 04:05:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is on the verge of a bullish breakout as prices test key resistance while the S&P 500 has failed to hold up above the 1400 figure.

S&P 500 – Prices are testing support in the 1389.30-1392.10 area marked by a horizontal barrier and the 38.2% Fibonacci extension. A break lower exposes the 50% Fib at 1381.30, the 50% Fib. Near-term resistance lines up at the 1400 figure.

US_Dollar_on_the_Verge_of_Bullish_Breakout_SP_500_Loses_1400_Figure_body_Picture_5.png, US Dollar on the Verge of Bullish Breakout, S&P 500 Loses 1400 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices followed a Harami candlestick pattern below resistance at a falling trend line set from late February indentified yesterday with a sharp move lower. Sellers are now upward-slowing support established since mid-December, with a break lower exposing the 50% Fibonacci expansion at 101.60. Near-term resistance lines up at 104.13, the 23.6% Fib.

US_Dollar_on_the_Verge_of_Bullish_Breakout_SP_500_Loses_1400_Figure_body_Picture_6.png, US Dollar on the Verge of Bullish Breakout, S&P 500 Loses 1400 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices followed a Spinning Top candle below trend line resistance capping gains since late March with a push below support at 1637.95, the 23.6% Fibonacci expansion. Sellers now target the 38.2% Fib at 1611.77. The 1637.95 level has been recast as near-term resistance, followed by the trend line at 1663.54.

US_Dollar_on_the_Verge_of_Bullish_Breakout_SP_500_Loses_1400_Figure_body_Picture_7.png, US Dollar on the Verge of Bullish Breakout, S&P 500 Loses 1400 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices followed a bullish Morning Star candlestick pattern identified earlier this week above trend line support set from late July 2011 with a push higher. The bulls are now testing resistance at 9906, a barrier reinforced by a falling trend line set from the April 5 swing high. A daily close above here exposes a longer-term trend line at 9978. Near-term support is at 9879 followed by the rising trend line at 9823.

US_Dollar_on_the_Verge_of_Bullish_Breakout_SP_500_Loses_1400_Figure_body_Picture_8.png, US Dollar on the Verge of Bullish Breakout, S&P 500 Loses 1400 Figure

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.