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
Mixed
Wall Street
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
Gold
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
Mixed
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.09%, while traders in US 500 are at opposite extremes with 75.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NqGfEOph43
  • S&P 500 Surges as VIX 'Fear-Gauge' Implodes Post-Jobs Report (via @DailyFX) $ES_F $SPX $SPY $VIX #Stocks #StockMarket #Trading #Analysis #Volatility #NFP https://t.co/laVWdqMgDG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.05% US 500: 0.03% FTSE 100: -0.48% France 40: -0.51% Germany 30: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/k8WwORiUth
  • US COVID-19 cases increase at 1.2%, same as previous week's average - BBG
  • The price of #gold has traded to fresh yearly highs during every single month so far in 2020, and the precious metal may continue to exhibit a bullish behavior in June. Get your $XAUUSD market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/wFVEtNsKiN
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/jtl19JX4Bd
  • With the risk appetite charge this week and the particular performance from US indices, I wanted to overlay US GDP (annualized) over the Log scale of the Wilshire 5000 (Fed doesn't have Dow/SPX back far enough) to show fundamentals are not steering this boat https://t.co/bXtc7nSCQq
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
US Dollar May Pull Back After Breaking Out of Seven-Month Congestion

US Dollar May Pull Back After Breaking Out of Seven-Month Congestion

2012-05-23 04:27:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is staging an impressive recovery to once again challenge key resistance at the 2011 swing high. S&P 500 positioning warns of a deeper upswing.

S&P 500 – Prices stalled ahead of resistance at 1322.10, the 23.6% Fibonacci retracement, with a Doji candlestick pointing to indecision. Initial support lines up at 1310.00, the 14.6% Fib, with a break below that exposing the May 21 low at 1290.30. Importantly, the Bullish Engulfing candle pattern identified yesterday remains valid, leaving the possibility of upward resumption still on the table. A break above resistance clears the way for a test of the 38.2% retracement at 1341.70.

US_Dollar_May_Pull_Back_After_Breaking_Out_of_Seven-Month_Congestion_body_Picture_5.png, US Dollar May Pull Back After Breaking Out of Seven-Month Congestion

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Follow-through failed to materialize after prices completed a Bullish Engulfing candlestick pattern yesterday and took out resistance at 92.51, a former support marked by the December 16 low. Crude has now slipped back below that level, exposing horizontal pivot support at 90.49 once again. Still, the Bullish Engulfing remains valid absent a daily close beneath its low at 90.90, leaving the door open for a rebound. A break back through 92.51 targets the February 2 low at 95.41.

US_Dollar_May_Pull_Back_After_Breaking_Out_of_Seven-Month_Congestion_body_Picture_6.png, US Dollar May Pull Back After Breaking Out of Seven-Month Congestion

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices recoiled from resistance marked by the 1600/oz figure as well as the 50% Fibonacci retracement level at 1599.17, taking out support at 1582.10 marked by the 38.2% level and exposing the next downside objective at 1560.98. A break below this boundary exposes the 1522.50-1532.45 area. The 1582.10 level is once again acting as resistance.

US_Dollar_May_Pull_Back_After_Breaking_Out_of_Seven-Month_Congestion_body_Picture_7.png, US Dollar May Pull Back After Breaking Out of Seven-Month Congestion

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices soared through resistance in the 10134-41 area marked by the 76.4% Fibonacci expansion and the October 2011 swing high, exposing the 100% level at 10241 as the next upside objective. The move marks a major tone shift from the congestion defining prices for nearly six months. However, early signs of negative RSI divergence warn that a pullback may materialize before the rally continues. The 10134-41 region is now recast as near-term support.

US_Dollar_May_Pull_Back_After_Breaking_Out_of_Seven-Month_Congestion_body_Picture_8.png, US Dollar May Pull Back After Breaking Out of Seven-Month Congestion

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.