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
GBP/USD
Bullish
USD/JPY
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Do think your #tradingstyle is of a #FOMO trader? How can you trade that to #JOMO? Find out: https://t.co/FyO2gM0WVi https://t.co/JKgCD09N1R
  • The $USD may be preparing to stage a reversal against the Singapore Dollar as USD/SGD trades within a Falling Wedge. This is as the USD/IDR downtrend remains intact. Get your market update from @ddubrovskyFX here: https://t.co/7fzeWrnlc1 https://t.co/eiXsZjgJZy
  • The $AUDUSD and $EURUSD downtrend may prolong as traders counterintuitively buy into their descent. Meanwhile, the USD/CAD uptrend may accelerate on rising net-short bets. Get your market update from @ddubrovskyFX here: https://t.co/dlzJ31kf3f https://t.co/hPDcXEoed3
  • US Dollar Outlook: $USD Price Volatility & Implied Trading Ranges for Next Week - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/special_reports/2019/11/15/us-dollar-outlook-usd-price-volatility-implied-trading-ranges.html https://t.co/er8y1YZVpg
  • $USDJPY has pierced chart support, signaling Yen gains ahead. If that portends a broader anti-risk shift in market sentiment, a breakdown in Japanese stocks may follow. Get your market update from @IlyaSpivak here:https://t.co/sgfv4USOGR https://t.co/rZL6gWsknf
  • RT @economics: Oval Office scuffles, tariff threats, and diminished expectations: An inside look at how Trump’s trade war went from method…
  • We still don't know if there are auto tariffs coming from the White House. The deadline for a decision was Thursday. Crickets
  • $EURUSD Daily Pivot Points: S3: 1.0936 S2: 1.0974 S1: 1.0998 R1: 1.1037 R2: 1.1052 R3: 1.109 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The $CAD continues to take a hit against the US Dollar after USD/CAD very nearly experienced a major long-term support-break at the end of October. Get your USD/CAD market update from @PaulRobinsonFX here:https://t.co/qeWFmoLwKt https://t.co/G0o4uIV2k7
  • US Yield Curves Update: 2Yr/5Yr: 3.8 2Yr/10Yr: 22.2 2Yr/30Yr: 69.5 5Yr/10Yr: 18.6
Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

2012-11-06 09:55:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAY:The US Dollar continued to grind through layers of technical resistance as an upside surge in the S&P 500 failed to produce meaningful follow-through.

US DOLLAR TECHNICAL ANALYSIS Prices are pulling back to retest resistance-turned-support at 9963, the 38.2% Fibonacci retracement. A break below this boundary exposes the 9874, a level marked by the intersection of a rising channel bottom set from mid-September and a falling channel top established from the June 1 high. Channel resistance is at 9998, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_5.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices failed to hold up after a break above the 1424.90-1425.10 area, reversing back downward toward the 1400 figure. This barrier is reinforced by the 38.2% Fibonacci retracement at 1394.30. A drop below the latter level targets the 50% retracement at 1369.40. Alternatively, a push back above the 1424.90-1425.10 region aims for rising channel support-turned-resistance at 1448.40.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_6.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices took out support at 1693.06, the 38.2% Fibonacci retracement, exposing the 50% level at 1661.32 as the next downside objective. A further push below that targets the 61.8% Fib at 1629.58. The 1693.06 level has been recast as near-term resistance. A break back above that eyes the 1732.33-35.65 area anew.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_7.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices continue to stall above 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 91.12). Alternatively, a break below 83.76 targets the 80.00 figure and 61.8% level at 79.84.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_8.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

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

News & Analysis at your fingertips.