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
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/4wlRjBTCzK
  • The #Dollar has bottoming potential, but that is starting to lose weight as it fails to sustain any lift; next week could be a big one for #USD’s near-term outlook. Get your #currencies update from @PaulRobinsonFX here: https://t.co/IifHjik7gM https://t.co/R9b4jdTPnO
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/lW1rqjpy0x
  • I’d like to thank my followers, I just reached 5,000 which is quite a milestone for someone that isn’t a huge fan of the platform. Thank you all very much ❤️
  • Technology stocks continue to be a source of weakness for US equities, undermining risk appetite. Meanwhile, US-China tensions simmer beneath the surface creating uncertainty. Get your #equities update from @PeterHanksFX here: https://t.co/yH8oTwT3iW https://t.co/tvfrXThyaC
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/Xi9QU3ADPF
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/cQwbeZ6Feq
  • #Oil prices saw a reprieve to the recent selling pressure but remain at risk while below downtrend resistance. Here are the levels that matter on the #WTI technical chart. Get your #commodities update from @MBForex here: https://t.co/CcXsF3JCMH https://t.co/RUmS1cX52v
  • 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
S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

2012-08-20 04:22:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The S&P 500 has stalled at resistance marked by major swing highs from March and May while the US Dollar is probing cautiously higher.

S&P 500 – Prices are resting resistance in the 1415.10-24.90 area marked by the March and May swing tops. A push higher beyond that targets 1440.20, the May 20 2008 high. Initial support remains at 1392.10, with a break below that exposing a minor downside barrier at 1376.10 and a more significant one at 1363.90.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_5.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke resistance at 95.41, the February 2 low, opening the door for a challenge of the 61.8% Fibonacci retracement at 97.82. A break above that exposes the psychologically significant $100/barrel figure. The 95.41 level has been recast as support, with a drop back below that targeting the 50% Fib at 93.90.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_6.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

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 1599.67. A break below this boundary exposes a longer-term trend line established from the May 16 bottom, currently at 1578.22. Alternatively, a push above resistance initially targets the major trend set from the April 23 2011 peak, now at 1666.52.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_7.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing resistance at 10073, the confluence of a falling trend line set from the July 12 high and the midline of a falling channel carved out over the past three months. A break higher exposes the 10139-69 area. Support is at 10041, with a break below targeting long-term rising trend line support at 10010.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_8.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing 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