News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
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
More View more
US Dollar Technical Positioning Still Warns of Pullback in Days Ahead

US Dollar Technical Positioning Still Warns of Pullback in Days Ahead

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar technical positioning continues to warn of a larger corrective pullback in the coming days before the larger bullish trend regains momentum.

S&P 500 – Prices took out resistance at 1325.40 to expose the next upside barrier at 1341.90. A break above this boundary exposes 1358.90. The 1325.40 level has been recast as near-term support, with a push back below here on a daily close basis opening the door for a challenge of 1311.10.

US_Dollar_Technical_Positioning_Still_Warns_of_Pullback_in_Days_Ahead_body_Picture_5.png, US Dollar Technical Positioning Still Warns of Pullback in Days Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continue to drift above support at 90.14, with a Harami candlestick pattern coupled with positive RSI divergence warning that a bounce may be ahead. Initial resistance lines up at 93.35, with a break above that exposing 96.48. Alternatively, a push through support exposes downside objectives at 88.54 and 83.34.

US_Dollar_Technical_Positioning_Still_Warns_of_Pullback_in_Days_Ahead_body_Picture_6.png, US Dollar Technical Positioning Still Warns of Pullback in Days Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to consolidate above support in the 1522.50-1532.45 area. Near-term trend line support-turned-resistance lines up at 1583.45. A break above this boundary exposes the 1600/oz figure followed by the top of a channel set from late February, now at 1616.74.

US_Dollar_Technical_Positioning_Still_Warns_of_Pullback_in_Days_Ahead_body_Picture_7.png, US Dollar Technical Positioning Still Warns of Pullback in Days Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are staging an intraday bounce but a bearish Breakaway candlestick pattern remains valid and continues to warn of a larger pullback ahead. Initial support lines up in the 10134-41 area, defined by the 76.4% Fibonacci expansion and the October 2011 swing high, with a break lower exposing the 61.8 expansion at 10078. Alternatively, a daily close above the 10225-41 area marked by the May 25 high and 100% Fib would neutralize bearish cues.

US_Dollar_Technical_Positioning_Still_Warns_of_Pullback_in_Days_Ahead_body_Picture_8.png, US Dollar Technical Positioning Still Warns of Pullback in Days Ahead

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