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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Long $USDCNH was one of my favorite setups for the 2nd quarter btw. I maintain, I like the fundamentals; but the greenback's recent battering needs to relent before this can perform
  • The Dollar's tumble this past week was an abrupt one. We'll see if inflation pressures trigger a shift in risk and rate expectations in the US which could turn the USD's bearings. Meanwhile, a pair I haven't highlighted ... https://t.co/yXl1aoOlIy https://t.co/TWV7tqv2y8
  • $DOGEUSD's daily range post Elon SNL spot is 0.2900. That may not sound like a lot but the current spot rate is ~ 0.5600. The lower wick (reversal from Sunday's low) is a 35% recovery from the low. A speculator's market, not an investor's. https://t.co/hAjg8YO7xA
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/ZhVyZvw5Ii
  • Last week ended well for $EURUSD, with Friday’s shockingly poor US jobs data giving it a lift, and this week could well see its advance extend if it can break conclusively above resistance at 1.2150. Get your market update from @MartinSEssex here: https://t.co/EFPGUI8Uxc https://t.co/LZA6oXsmJO
  • $GBPUSD broke higher from a Symmetrical Triangle pattern late last week. Meanwhile, $EURGBP remains largely rangebound. Get your market update from @FxWestwater here: https://t.co/hnjGCww0ET https://t.co/0LcIv5Yudg
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/0gwSneZjOL
  • Another week of record breaking gains in the alt-coin space, while Ethereum (ETH) continues to print fresh highs and eats into Bitcoin’s (BTC) market dominance. Get your market update from @nickcawley1 here: https://t.co/robpKfDf8U https://t.co/3sOzL01rcI
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/K1F3QlB8ik
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/cXImPrjl8x
US Dollar Stalls at Resistance as S&P 500 Staves Off Breakdown

US Dollar Stalls at Resistance as S&P 500 Staves Off Breakdown

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar failed to make a decisive break higher at trend-defining resistance while the S&P 500 managed to defend its four-month uptrend.

S&P 500 – Prices followed the formation of a bearish Evening Star candlestick pattern with a break below rising trend line support set from late July, reinforcing the case for a double top at 1466.10. Sellers now aim to challenge support at 1424.90, the March 27 swing high. This barrier is reinforced by the bottom of a rising channel set from early June (1422.20). A break below that marks a significant medium-term trend reversal, initially exposing the 1400 figure. Trend line support-turned-resistance is at 1459.50.

US_Dollar_Stalls_at_Resistance_as_SP_500_Staves_Off_Breakdown_body_Picture_5.png, US Dollar Stalls at Resistance as S&P 500 Staves Off Breakdown

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing resistance at the would-be neckline of an inverse Head and Shoulders bottom (92.58), with a break higher implying a measured upside target at 98.10. Support stands at 87.66, the 38.2% Fibonacci retracement. A drop below that targets the 50% level at 83.76.

US_Dollar_Stalls_at_Resistance_as_SP_500_Staves_Off_Breakdown_body_Picture_6.png, US Dollar Stalls at Resistance as S&P 500 Staves Off Breakdown

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices pushed lower to support at the bottom of a bearish Rising Wedge chart pattern (1761.49) after putting in a Dark Cloud Cover candlestick pattern at resistance in the 1790.55-1802.80 area. Negative RSI divergence argues in favor of a downside scenario. Support is reinforced by the 23.6% Fibonacci retracement at 1747.20, with a break below that targeting the 38.2% level at 1717.13. Alternatively, a break above 1802.80 initially targets 1818.95.

US_Dollar_Stalls_at_Resistance_as_SP_500_Staves_Off_Breakdown_body_Picture_7.png, US Dollar Stalls at Resistance as S&P 500 Staves Off Breakdown

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

US DOLLAR Prices turned lower after putting in a Harami candlestick pattern at resistance in the 9928-38 area, a barrier reinforced by the top of a falling channel set from the June swing high. Initial rising trend line support is at 9883, with a break below that targeting 9832. Alternatively, a daily close above the channel top exposes 9985.

US_Dollar_Stalls_at_Resistance_as_SP_500_Staves_Off_Breakdown_body_Picture_8.png, US Dollar Stalls at Resistance as S&P 500 Staves Off Breakdown

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