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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/jdzRaFJnaa
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.20% Gold: 0.06% Oil - US Crude: -3.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GqKRXlbHQc
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.30% 🇪🇺EUR: 0.07% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.24% 🇯🇵JPY: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6yhR5FFtZw
  • LIVE NOW: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.10%, while traders in US 500 are at opposite extremes with 68.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gvtwxfEvLB
  • Japan coronavirus response package: - Increase subsidy rates for firms to stem job losses - Allow 1 year tax payment delay for virus-shaken companies - Cut property tax to zero for smaller firms (BBG) #JPY #coronavirus
  • - Internal political rifts in Eurozone, #OPEC may be biggest Euro & Brent catalysts this week - Revived North-South tension in Eurozone may cause delays as Riyadh and Moscow dig in heels https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/06/Euro-Crude-Oil-May-Suffer-From-OPEC--Eurozone-Political-Rifts.html #oott
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/PVAmCCDR8w
  • LIVE IN 30 MIN: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • Sharp move upward in AUDUSD with ASX 200 also sharply higher and Yen lower.
US Dollar Finds Support as S&P 500 Rally Pauses, Gold Aims Higher

US Dollar Finds Support as S&P 500 Rally Pauses, Gold Aims Higher

2012-09-19 02:31:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: US Dollar found interim support against a backdrop of cooling upside momentum in the S&P 500. Gold prices are aiming higher after clearing resistance.

S&P 500 – Prices are retesting the previously broken top of a rising channel set from early June (1459.00) as support. A break to the downside targets the 50% Fibonacci expansion at 1439.60. Near-term resistance lines up at 1481.00, the 61.8% Fib, with a push above that exposing the 1500 figure and the 76.4% level at 1532.20.

US_Dollar_Finds_Support_as_SP_500_Rally_Pauses_Gold_Aims_Higher_body_Picture_5.png, US Dollar Finds Support as S&P 500 Rally Pauses, Gold Aims Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices pulled back from resistance at a falling trend line set from late February (99.51) to challenge range support at 94.61. This barrier is reinforced by the bottom of a rising channel carved out since early July. A break below this boundary initially exposes 92.56. Alternatively, a push above the trend line aims for 100.65 and the channel top (102.17).

US_Dollar_Finds_Support_as_SP_500_Rally_Pauses_Gold_Aims_Higher_body_Picture_6.png, US Dollar Finds Support as S&P 500 Rally Pauses, Gold Aims Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices took out resistance at a falling trend line connecting major swing highs since early November 2011, hinting at bullish continuation ahead. Near-term resistance is at 1790.55, with a break above that targeting 1802.80. The trend line – now at 1757.14 – has been recast as support. A push back below that boundary sees initial downside barriers at 1741.07 and 1718.50.

US_Dollar_Finds_Support_as_SP_500_Rally_Pauses_Gold_Aims_Higher_body_Picture_7.png, US Dollar Finds Support as S&P 500 Rally Pauses, Gold Aims Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are retesting support-turned-resistance at 9823, the April 27 closing low, with a break higher exposing 9893. Near-term support lines up at 9755, marked by the bottom of a falling channel set from the early-June swing high.

US_Dollar_Finds_Support_as_SP_500_Rally_Pauses_Gold_Aims_Higher_body_Picture_8.png, US Dollar Finds Support as S&P 500 Rally Pauses, Gold Aims 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

News & Analysis at your fingertips.