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
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: 0.71% Wall Street: 0.66% FTSE 100: 0.54% Germany 30: 0.14% France 40: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QW4TmgzMvC
  • 🇫🇷 Consumer Confidence Actual: 93 Expected: 92 Previous: 95 https://www.dailyfx.com/economic-calendar#2020-05-27
  • 🇫🇷 Business Confidence Actual: 70 Expected: 85 Previous: 68 https://www.dailyfx.com/economic-calendar#2020-05-27
  • USD/MXN remains caught in a choppy range, which generally has traders looking for a directional move frustrated. Get your $USDMXN technical analysis form @PaulRobinsonFX here: https://t.co/gCXqAEGVix https://t.co/fVb44SoBzx
  • Heads Up:🇫🇷 Consumer Confidence due at 06:45 GMT (15min) Actual: 93 Expected: 92 Previous: 95 https://www.dailyfx.com/economic-calendar#2020-05-27
  • Heads Up:🇫🇷 Business Confidence due at 06:45 GMT (15min) Actual: 70 Expected: 85 Previous: 68 https://www.dailyfx.com/economic-calendar#2020-05-27
  • 🇳🇴 Unemployment Rate Actual: 3.6% Expected: 4% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2020-05-27
  • Heads Up:🇳🇴 Unemployment Rate due at 06:00 GMT (15min) Expected: 4% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2020-05-27
  • EU Foreign Affairs Minister Josep Borrell: EU to weigh 'robust' message to China over Hong Kong, China wants to influence global public opinion -BBG
  • Japan total bond issuance is said to rise above 200 trillion #Yen -BBG
US Dollar Continues to March Higher as S&P 500 Treads Water

US Dollar Continues to March Higher as S&P 500 Treads Water

2012-05-24 05:15:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: US Dollar continues to defy overbought technical studies to push higher but the S&P 500 is conspicuously lacking of direction near familiar levels.

S&P 500 – Prices continue to tread water between 1292.90 and 1322.10, the October 27 high and the 23.6% Fibonacci retracement, respectively. A break higher exposes the 38.2% Fib at 1341.70. Alternatively, a daily close below support initially exposes 1272.60.

US_Dollar_Continues_to_March_Higher_as_SP_500_Treads_Water_body_Picture_5.png, US Dollar Continues to March Higher as S&P 500 Treads Water

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continue to test resistance-turned-support at 90.49, with a break lower initially exposing the 61.8% Fibonacci retracement level at 88.54. Near-term resistance lines up at 92.51, a former support marked by the December 16 low, with a push above that targeting the February 2 low at 95.41.

US_Dollar_Continues_to_March_Higher_as_SP_500_Treads_Water_body_Picture_6.png, US Dollar Continues to March Higher as S&P 500 Treads Water

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 acting as resistance.

US_Dollar_Continues_to_March_Higher_as_SP_500_Treads_Water_body_Picture_7.png, US Dollar Continues to March Higher as S&P 500 Treads Water

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices continue to push higher after taking out resistance in the 10134-41 area marked by the 76.4% Fibonacci expansion and the October 2011 swing high. The bulls target the 100% level at 10241 as the next major upside objective. RSI studies are at their most overbought since prices set the last major top however, warning that the treat of a pullback is significant. The 10134-41 region is now recast as near-term support.

US_Dollar_Continues_to_March_Higher_as_SP_500_Treads_Water_body_Picture_8.png, US Dollar Continues to March Higher as S&P 500 Treads Water

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.