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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
Real Time News
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zyTHSyUiMd
  • 🇹🇭 GDP Growth Rate QoQ (Q1) Actual: 0.2% Expected: -0.8% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇹🇭 GDP Growth Rate YoY (Q1) Actual: -2.6% Expected: -3.3% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.63% Gold: 0.37% Oil - US Crude: 0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SnUeYQAKdi
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.02% 🇬🇧GBP: -0.11% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.24% 🇦🇺AUD: -0.35% 🇳🇿NZD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d3OdjbE19m
  • Heads Up:🇹🇭 GDP Growth Rate QoQ (Q1) due at 02:30 GMT (15min) Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇹🇭 GDP Growth Rate YoY (Q1) due at 02:30 GMT (15min) Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇨🇳 Fixed Asset Investment (YTD) YoY (APR) Actual: 19.9% Expected: 19% Previous: 25.6% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇨🇳 Industrial Production YoY (APR) Actual: 9.8% Expected: 9.8% Previous: 14.1% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇨🇳 Retail Sales YoY (APR) Actual: 17.7% Expected: 24.9% Previous: 34.2% https://www.dailyfx.com/economic-calendar#2021-05-17
Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar appears poised to continue building higher on the back of haven demand after the S&P 500 completed a major topping chart pattern.

S&P 500 – Prices appear to have confirmed the formation of a major double top at 1380.60, the July 5 high, with a break through the critical 1334.40-41.90 area. Near-term downside targets are marked by swing lows at 1308.90 and 1290.10, but a Rising Wedge pattern carved out since the beginning of June implies a measured downside objective at 1285.50.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_5.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing support in the 87.65-88.32 area, marked by the July 3 closing high and the 14.6% Fibonacci expansion. A break downward initially exposes the 23.6% level at 85.37. Near-term resistance lines up at 93.21, the July 19 high.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_6.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to consolidate below resistance at 1588.90. A break higher exposes falling trend line resistance now at 1605.44. Near-term support lines up at 1574.53. A breach below that initially targets 1561.05, followed by the 1522.50-32.45 area.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_7.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices took out resistance at 10145, the 23.6% Fibonacci expansion, with buyers now aiming to challenge the 38.2% level at 10219. A break above this boundary targets the 50% expansion at 10278. The 10145 level has been recast as near-term support.

Dollar_Poised_to_Continue_Higher_as_SP_500_Completes_Double_Top_body_Picture_8.png, Dollar Poised to Continue Higher as S&P 500 Completes Double Top

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