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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Bearish
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
USD/JPY
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
More View more
Real Time News
  • 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/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • 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/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/TwrOBFgIwj
  • Gold prices were crushed this week as yields continued to climb. But with a big spot of support coming in, can buyers bring a bounce ahead of NFP? Get your market update from @JStanleyFX here: https://t.co/E1TTXVJGUm https://t.co/pD4TeAY3ZP
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/PiLYJDVvtY
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/453MLny2lu
Forex Analysis: Dollar Waits for Catalyst as S&P 500 Hints at Rebound

Forex Analysis: Dollar Waits for Catalyst as S&P 500 Hints at Rebound

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has pulled back as prices digest last week’s upward breakout. Traders now look to the S&P 500 for direction cues amid signs of a rebound.

US DOLLAR Prices continue to retest resistance-turned-support at the upper boundary of a falling channel set from the June 1 high (9897) having broken higher after forming a bullish Piercing Line candlestick pattern. A rebound sees initial resistance remains at 9963, the 38.2% Fibonacci retracement, with a push above that exposing the 50% Fib at 10032. Alternatively, a drop below support targets rising trend line support at 9859.

Forex_Analysis_Dollar_Waits_for_Catalyst_as_SP_500_Hints_at_Rebound_body_Picture_5.png, Forex Analysis: Dollar Waits for Catalyst as S&P 500 Hints at Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 – Prices are stalling above the psychologically significant 1400 figure, a barrier reinforced by the 38.2% Fibonacci retracement at 1394.30. A Hammer candlestick hints a bounce may be ahead. Initial resistance lines up in the 1424.90-1425.10 area, with a break above that exposing the underside of a rising channel set from early June (now at 1438.40).

Forex_Analysis_Dollar_Waits_for_Catalyst_as_SP_500_Hints_at_Rebound_body_Picture_6.png, Forex Analysis: Dollar Waits for Catalyst as S&P 500 Hints at Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Bullish Engulfing candlestick pattern above support at 1693.06, the 38.2% Fibonacci retracement, hinting a bounce may be ahead. Initial resistance lines up at a falling trend line set from the October 5 swing high (1717.66). A break above that exposes the 1732.33-35.65 area, marked by a horizontal pivot level and the 23.6% Fib. Alternatively, a drop below support targets the 50% level at 1661.32.

Forex_Analysis_Dollar_Waits_for_Catalyst_as_SP_500_Hints_at_Rebound_body_Picture_7.png, Forex Analysis: Dollar Waits for Catalyst as S&P 500 Hints at Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL Prices are stalling above the 85.00 figure, a barrier reinforced by the 50%Fibonacci expansion at 83.76. Initial resistance lines up at 87.66, the 38.2% Fib, with a break above that targeting a falling trend line set from late September (now at 91.66). Alternatively, a break below 83.76 targets the 80.00 figure and 61.8% level at 79.84.

Forex_Analysis_Dollar_Waits_for_Catalyst_as_SP_500_Hints_at_Rebound_body_Picture_8.png, Forex Analysis: Dollar Waits for Catalyst as S&P 500 Hints at Rebound

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, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES