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
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.80% Silver: 0.44% Gold: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0gaXCueC8q
  • 🇺🇸 CB Consumer Confidence Actual: 86.6 Expected: 87.5 Previous: 86.9 https://www.dailyfx.com/economic-calendar#2020-05-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.63%, while traders in US 500 are at opposite extremes with 73.88%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2vftZNVsbx
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.92% Silver: 1.39% Gold: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/X4ZaAW4bAg
  • Global GDP forecasted to drop 4.6% for 2020 according to Fitch - BBG
  • Heads Up:🇺🇸 New Home Sales MoM due at 14:00 GMT (15min) Expected: -21.9% Previous: -15.4% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:🇺🇸 CB Consumer Confidence due at 14:00 GMT (15min) Expected: 87.5 Previous: 86.9 https://www.dailyfx.com/economic-calendar#2020-05-26
  • 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
Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

2012-05-16 05:56:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar set a new yearly high overnight but S&P 500 positioning hints a bounce may be ahead, which may force a short-term correction in the greenback.

S&P 500 – Prices are testing support at 1331.50, the 123.6% Fibonacci expansion. A break below this boundary initially targets the 138.2% Fib at 1322.00. An Inverted Hammer candlestick points to indecision and hints at the possibility of a bounce, although a significant bullish close on the current bar is needed as confirmation of a forthcoming bounce. Near-term resistance is marked by the 100% expansion at 1347.80.

Dollar_Sets_Yearly_High_SP_500_Chart_Setup_Hints_at_Possible_Bounce_body_Picture_5.png, Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing support at 92.51, the December 16 low, with a break below that on a daily closing basis exposing the next layer of support at 90.49. Near-term resistance is at 95.41, the February 2 session low.

Dollar_Sets_Yearly_High_SP_500_Chart_Setup_Hints_at_Possible_Bounce_body_Picture_6.png, Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices surpassed the measured target of a Triangle chart pattern carved out since late March at 1548.21 to probe below support at 1543.98, the 76.4% Fibonacci expansion. A break below this boundary sees supports at 1532.45 and 1522.50, the September 26 and December 29 spike lows respectively, followed by the 100% expansion at 1502.15. Initial resistance lines up at 1569.99, the 61.8% Fib.

Dollar_Sets_Yearly_High_SP_500_Chart_Setup_Hints_at_Possible_Bounce_body_Picture_7.png, Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing resistance at 10097, the March 15 swing high and 2012 year-to-date top, with a break above that on a daily closing basis exposing the 76.4% Fibonacci expansion at 10140. Near-term support is at 10079, the 61.8% expansion, followed by the April 5 high at 10047.

Dollar_Sets_Yearly_High_SP_500_Chart_Setup_Hints_at_Possible_Bounce_body_Picture_8.png, Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

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.