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
EUR/USD
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
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.08% 🇯🇵JPY: -0.13% 🇨🇦CAD: -0.14% 🇪🇺EUR: -0.25% 🇳🇿NZD: -0.28% 🇦🇺AUD: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wmhHLJysGa
  • Heads Up:🇳🇱 GDP Growth Rate QoQ Final (Q2) due at 04:30 GMT (15min) Expected: -8.5% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇳🇱 GDP Growth Rate YoY Final (Q2) due at 04:30 GMT (15min) Expected: -9.3% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇯🇵 All Industry Activity Index MoM (JUL) due at 04:30 GMT (15min) Previous: 6.1% https://www.dailyfx.com/economic-calendar#2020-09-23
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.70% Germany 30: 0.42% France 40: 0.38% Wall Street: 0.35% US 500: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wjtAMSYONm
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.35B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.30B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • #Copper Price Outlook Remains Bullish Despite Shift in Risk Appetite #XCUUSD $HG https://www.dailyfx.com/forex/market_alert/2020/09/23/Copper-Price-Outlook-Remains-Bullish-Despite-Shift-in-Risk-Appetite.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/VvFm9ekfaB
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.350B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/S0zbaMLVPK
Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

2012-11-07 02:36:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY:The US Dollar has stalled below technical resistance as the S&P 500 has once again managed to hold up above the stubbornly resilient 1400 level.

US DOLLAR TECHNICAL ANALYSIS Prices narrowly edged though resistance-turned-support at 9963, the 38.2% Fibonacci retracement. Sellers now aim to target 9868-77 area, marked by a rising channel bottom set from mid-September and a falling channel top established from the June 1 high. Resistance is at the 10000 figure, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_5.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are retesting support-turned-resistance in the 1424.90-30.90 area, with a break higher aiming to challenge the underside of a rising channel set from the June 4 swing low (now at 1450.30). Near-term support lines up at the 1400 figure, with added reinforcement offered by the 38.2% Fibonacci retracement at 1394.30. A drop below the latter level targets the 50% Fib at 1369.40.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_6.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices bounced from support at 1671.83, the 50% Fibonacci retracement level reinforced by a rising trend line set from late June, to reclaim a foothold above the 1700/oz figure. The bulls now aim to challenge the 23.6% retracement at 1737.29. Near-term support is at 1701.09, the 38.2% Fib.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_7.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices shot higher to take out resistance at 87.66, the 38.2%Fibonacci expansion, exposing falling trend line set from late September (now at 91.09) as the next upside barrier. This is reinforced by the 23.6% expansion at 92.53, with a break above that aiming for long-term trend line resistance at 96.37. The 87.66 level has been recast as near-term support, with a drop below that eyeing the 50%Fib at 83.76.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_8.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

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