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
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
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
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 🇯🇵 Retail Sales YoY (AUG) Actual: -1.9% Expected: -3.5% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2020-09-29
  • Heads Up:🇳🇿 ANZ Business Confidence (SEP) due at 00:00 GMT (15min) Previous: -41.8 https://www.dailyfx.com/economic-calendar#2020-09-30
  • Heads Up:🇯🇵 Industrial Production YoY Prel (AUG) due at 23:50 GMT (15min) Previous: -15.5% https://www.dailyfx.com/economic-calendar#2020-09-29
  • Heads Up:🇯🇵 Retail Sales YoY (AUG) due at 23:50 GMT (15min) Expected: -3.5% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2020-09-29
  • The British Pound and US Dollar will be contending with the rising geopolitical risks of Brexit, US fiscal stimulus talks and the first presidential debate in a data-packed week. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/iXDA9cVqtd https://t.co/2iiyWMXFTA
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET / 0:00 GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/cOWP0Wbo62
  • Punters getting behind #JoeBiden ahead of the first 2020 US #PresidentialDebate Rate of change favored #DonaldTrump from late-July to early-September however, #Biden appears to have pulled away in recent days on the back of Trump's questionable tax practices #Debates2020 https://t.co/AleTdn77NC
  • GBP/USD was putting together a strong rally yesterday, but fizzled and put price closing in the bottom half of its daily range. Get your $GBPUSD technical analysis from @PaulRobinsonFX here:https://t.co/34HxGeksHU https://t.co/ps2qhyYtUv
  • 🇳🇿 Building Permits MoM (AUG) Actual: 0.3% Previous: -4.5% https://www.dailyfx.com/economic-calendar#2020-09-29
  • #Euro has rebounded off near-term downtrend support and the focus is on this near-term recovery. Get your $EURUSD technical analysis from @MBForex here:https://t.co/NmlEuNyfo6 https://t.co/Txjym8OG71
US Dollar at Trend-Defining Support as S&P 500 Builds Higher

US Dollar at Trend-Defining Support as S&P 500 Builds Higher

2012-08-06 07:49:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar finds itself at long term trend-defining support after the S&P 500 soared to challenge the 1400 figure, with a break lower marking a key reversal.

S&P 500 – Prices launched higher to clear resistance at a falling trend line set from late March and narrowly overcome the horizontal barrier at 1392.10. The bulls now aim to challenge the 1400 figure, with a break above that exposing channel top resistance currently at 1411.00. The 1392.10 level as been recast as near-term support, reinforced by the trend line now at 1387.00.

US_Dollar_at_Trend-Defining_Support_as_SP_500_Builds_Higher_body_Picture_5.png, US Dollar at Trend-Defining Support as S&P 500 Builds Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke above resistance at 90.88, the 14.6% Fibonacci retracement, with buyers now aiming to challenge the July 19 high at 93.21. The 90.88level has been recast as support, with a push back below that exposing the 23.6% Fib at 89.45.

US_Dollar_at_Trend-Defining_Support_as_SP_500_Builds_Higher_body_Picture_6.png, US Dollar at Trend-Defining Support as S&P 500 Builds Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Bullish Engulfing candlestick pattern above rising trend line support, hinting a move higher is ahead. Near-term resistance lines up in the 1620.45-35.70 congestion area, with a push beyond that initially exposing 1671.49. Trend line supports line up at 1586.28 and 1570.42.

US_Dollar_at_Trend-Defining_Support_as_SP_500_Builds_Higher_body_Picture_7.png, US Dollar at Trend-Defining Support as S&P 500 Builds Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing support at a major rising trend line that has guided the greenback higher since late July 2011, a barrier reinforced by the bottom of a falling channel carved out over the past two months. A break lower would mark a material trend reversal and initially expose 9924. A bounce sees the first layer of resistance at 10041, with a push beyond that aiming for the channel midline at 10080.

US_Dollar_at_Trend-Defining_Support_as_SP_500_Builds_Higher_body_Picture_8.png, US Dollar at Trend-Defining Support as S&P 500 Builds Higher

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