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.

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
EUR/USD
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
Oil - US Crude
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
Wall Street
Bearish
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
Mixed
More View more
Real Time News
  • RT @FxWestwater: #Copper Price Forecast: US Q3 GDP and Chinese PMI in Focus - via @DailyFX https://www.dailyfx.com/forex/market_alert/2020/10/23/Copper-Price-Forecast-US-Q3-GDP-and-Chinese-PMI-in-Focus.html https://t.co/SV0GskVO…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.35% 🇨🇭CHF: 0.32% 🇦🇺AUD: 0.28% 🇯🇵JPY: 0.13% 🇨🇦CAD: 0.09% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/RXxjsCy8rA
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.11% Oil - US Crude: -0.37% Silver: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Hc2TbgHQee
  • GBP/USD experienced some nice strength next week, and on that it kept forging the bullish channel building over the past month. Get your $GBPUSD technical analysis from @PaulRobinsonFX here:https://t.co/NIbRTVmjqq https://t.co/flxIsQmpld
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.80%, while traders in EUR/USD are at opposite extremes with 72.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vpBfv4QowY
  • US Equity Update (Friday Close): $DJI -0.10% $SPX +0.35% $NDX +0.25% $RUT +0.63% $VIX -2.38%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.39% FTSE 100: 0.34% Germany 30: 0.28% Wall Street: -0.03% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PJ6eqnizhK
  • Update on #Cryptocurrencies #BITCOIN -1.73% #BITCOINCASH -0.64% #ETHEREUM -2.40% #RIPPLE -3.39% #LITECOIN +1.68%
  • The Euro and European bourses finding some support this morning following this morning’s PMIs.Get your $EURUSD market update from @JMcQueenFX here:https://t.co/BR4OvkW5uO https://t.co/xLhhd9iqiI
  • New York Covid hospitalizations rise over 1,000 - highest since June - BBG
US Dollar Probes Below Support as S&P 500 Builds Toward Rebound

US Dollar Probes Below Support as S&P 500 Builds Toward Rebound

2012-06-06 03:55:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is probing below initial support while the S&P 500 appears to have found a near-term bottom, with the chart setup hinting a bounce is ahead.

S&P 500 – Prices are testing resistance in the 1288.00-1292.90 areamarked by the October 27 high and the 38.2% Fibonacci expansion. Positive RSI divergence warns of a possible upswing. A break higher exposes the 23.6% Fib at 1306.50.

US_Dollar_Probes_Below_Support_as_SP_500_Builds_Toward_Rebound_body_Picture_5.png, US Dollar Probes Below Support as S&P 500 Builds Toward Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Unchanged from yesterday: “Prices put in a Hammer candlestick above support at 83.34, the 76.4% Fibonacci retracement, hinting an upswing is ahead. Highly oversold RSI studies reinforce the risk of a rebound. Initial resistance lines up in the 90.14-88.54 area, marked by the early September swing top and the 61.8% Fib. Alternatively, a break lower initially exposes 80.16.”

US_Dollar_Probes_Below_Support_as_SP_500_Builds_Toward_Rebound_body_Picture_6.png, US Dollar Probes Below Support as S&P 500 Builds Toward Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing resistance at a falling trend line set from early March, now at 1627.48. The barrier is reinforced by the 76.4% Fibonacci retracement at 1637.35, with a break higher exposing the May 1 swing high at 1671.49. Near-term support lines up at 1616.23, the 61.8% Fib, with a break below that opening the door for a test of the 1600/oz figure.

US_Dollar_Probes_Below_Support_as_SP_500_Builds_Toward_Rebound_body_Picture_7.png, US Dollar Probes Below Support as S&P 500 Builds Toward Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing through support at 10220, the 61.8% Fibonacci expansion level, after putting in a bearish Shooting Star candlestick coupled with negative RSI divergence. A confirmed break on a daily closing basis exposes support in the 10134-43 area. Near-term resistance lines up at 10316, the 76.4%expansion.

US_Dollar_Probes_Below_Support_as_SP_500_Builds_Toward_Rebound_body_Picture_8.png, US Dollar Probes Below Support as S&P 500 Builds Toward Rebound

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