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
Bullish
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
Gold
Bullish
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
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/boEI8RuQdC
  • The growth-linked New Zealand Dollar may rise on the upcoming #RBNZ rate decision following rosy economic data. However, downside potential in the S&P 500 could offset $NZDUSD gains. Get your #currencies update from @ddubrovskyFX here: https://t.co/LfCe6C6G3P https://t.co/kUeBxxeaEf
  • It was a quiet week in Aussie as $AUDUSD put in its second consecutive week of indecision. But taking a more granular look highlights the potential for a reversal scenario. Get your #currencies update from @JStanleyFX here: https://t.co/PPK20nubAf https://t.co/0nfmRRFNnz
  • The S&P 500 pushed the market's comfort with a head-and-shoulders pattern through Friday's close. What should we look for in technical patterns, overlapping fundamental tides and speculative positioning for the likes of $EURUSD next week? https://www.dailyfx.com/forex/video/daily_news_report/2020/09/19/EURUSD-Pressure-Building-while-Anxious-Traders-Weigh-Did-SP-500-Break.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/lgVJVwi8th
  • Sterling remains trapped by overarching fundamentals drivers and both $GBPUSD and $EURGBP are going to have to wait until the Brexit dust settles. Get your #currencies update from @nickcawley1 here: https://t.co/vF1K1cy0nd https://t.co/NSA7qiQihc
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/d9EmTOHyTv
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/Gi8LHCT5sB
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/FFmRYyx4ou
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/r7aJb4qpqc
US Dollar Probes as S&P 500 Chart Setup Warns of Looming Reversal

US Dollar Probes as S&P 500 Chart Setup Warns of Looming Reversal

2012-08-15 04:32:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is cautiously building higher after a test of trend-defining support as S&P 500 positioning continues to warn of a looming reversal downward.

S&P 500 – Prices put in a Shooting Star candlestick below the critical 1415.10-24.90 congestion region marked by the late March and early May swing tops, warning of ebbing bullish conviction and hinting a pullback may be ahead. Initial support lines up at 1392.10, with a break below that exposing minor support at 1376.10 and a larger level at 1363.90.

US_Dollar_Probes_as_SP_500_Chart_Setup_Warns_of_Looming_Reversal_body_Picture_5.png, US Dollar Probes as S&P 500 Chart Setup Warns of Looming Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continue to stall at resistance in the 93.21-90 area marked by the July 19 high and the 50% Fibonacci retracement. Near-term support remains at the psychologically significant 90.00 figure, a barrier is reinforced by the 38.2% retracement at 89.87. A break below the latter level exposes a rising trend line set from early July, now at 88.81. Alternatively, a push above resistance initially targets the 61.8% Fib at 97.82.

US_Dollar_Probes_as_SP_500_Chart_Setup_Warns_of_Looming_Reversal_body_Picture_6.png, US Dollar Probes as S&P 500 Chart Setup Warns of Looming Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to drift below resistance in the 1620.45-35.70 congestion area. Near-term support remains at a rising trend line support set from late June, now at 1596.24. A break below this boundary exposes a longer-term trend line established from the May 16 bottom, currently at 1576.02. Alternatively, a push above resistance initially targets 1677.79, the May 1 swing high.

US_Dollar_Probes_as_SP_500_Chart_Setup_Warns_of_Looming_Reversal_body_Picture_7.png, US Dollar Probes as S&P 500 Chart Setup Warns of Looming Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are edging higher from support marked by a rising trend line established from late July 2011 (10005) and the 76.4% Fibonacci expansion (9995) to test above resistance is at 10038, the intersection of the 61.8% Fib and a falling trend line set from the July 12 high. A break higher initially targets 10096, the August 2 high. Alternatively, a reversal below support exposes the 100% expansion at 9925.

US_Dollar_Probes_as_SP_500_Chart_Setup_Warns_of_Looming_Reversal_body_Picture_8.png, US Dollar Probes as S&P 500 Chart Setup Warns of Looming Reversal

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