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
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/JzYaIqZgAE
  • Heads Up:🇫🇷 Business Confidence (SEP) due at 06:45 GMT (15min) Expected: 109 Previous: 110 https://www.dailyfx.com/economic-calendar#2021-09-23
  • 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/8A1QhwMVKo https://t.co/Lxp7fJaM8Q
  • (ASEAN Tech) US Dollar Climbs Post FOMC. USD/SGD, USD/THB, USD/PHP, USD/IDR in Focus #USD $USDSGD $USDTHB $USDPHP $USDIDR #ASEAN https://www.dailyfx.com/forex/technical/article/special_report/2021/09/23/US-Dollar-Climbs-Post-FOMC-USDSGD-USDTHB-USDPHP-USDIDR-in-Focus.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/xcp3hdGaXe
  • 🇳🇱 GDP Growth Rate QoQ Final (Q2) Actual: 3.8% Expected: 3.1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇳🇱 GDP Growth Rate YoY Final (Q2) Actual: 10.4% Expected: 9.7% Previous: -2.4% https://www.dailyfx.com/economic-calendar#2021-09-23
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/9xP8YlxWSv
  • Heads Up:🇳🇱 GDP Growth Rate QoQ Final (Q2) due at 04:30 GMT (15min) Expected: 3.1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-09-23
  • Heads Up:🇳🇱 GDP Growth Rate YoY Final (Q2) due at 04:30 GMT (15min) Expected: 9.7% Previous: -2.4% https://www.dailyfx.com/economic-calendar#2021-09-23
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-23
Will the US Dollar Break its Range as S&P 500 Sinks Past Support?

Will the US Dollar Break its Range as S&P 500 Sinks Past Support?

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 awoke from a complacent slumber to take out the first layer of support. Will the US Dollar follow higher as haven demand returns?

S&P 500 – Prices finally broke out of complacency to take out support at 1453.20, the 14.6% Fibonacci retracement, having stalled at the top of a rising channel set from early June. Sellers now aim to challenge 1439.80, a Fibonacci confluence point marked by the 50% expansion and 23.6% retracement. A further push below this barrier targets the 1418.10-22.40 area. The 1453.20 level has been recast as near-term resistance.

Will_the_US_Dollar_Break_its_Range_as_SP_500_Sinks_Past_Support_body_Picture_5.png, Will the US Dollar Break its Range as S&P 500 Sinks Past Support?

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke below support at 91.56, the 38.2% Fibonacci retracement, exposing the next downside objective at 88.83 (the 50% Fib). The 91.56 level has been recast as near-term resistance, with a push back above that targeting the underside of a rising channel set from early July, now at 95.34.

Will_the_US_Dollar_Break_its_Range_as_SP_500_Sinks_Past_Support_body_Picture_6.png, Will the US Dollar Break its Range as S&P 500 Sinks Past Support?

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to stall after taking out resistance at a falling trend line connecting major swing highs since early November 2011. Near-term resistance is at 1790.55, with a break above that targeting 1802.80. The trend line – now at 1756.34 – has been recast as support. A push back below that boundary sees initial downside barriers at 1725.87 and 1687.84, the 23.6% and 38.2% Fibonacci retracements respectively.

Will_the_US_Dollar_Break_its_Range_as_SP_500_Sinks_Past_Support_body_Picture_7.png, Will the US Dollar Break its Range as S&P 500 Sinks Past Support?

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are drifting sideways in a well-defined range. Support is at 9783, the 23.6% Fibonacci expansion, with a break beneath that exposing the 38.2% expansion at 9738. Resistance is marked by the 38.2%retracement at 9857, with a push above that targeting the 50% barrier at 9893.

Will_the_US_Dollar_Break_its_Range_as_SP_500_Sinks_Past_Support_body_Picture_8.png, Will the US Dollar Break its Range as S&P 500 Sinks Past Support?

4hr 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