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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
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
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • $AUDUSD: Aussie edging lower driven largely by receding US-China trade war optimism and loose language from the RBA minutes published earlier this week, but the #forex pair is so far trying to keep its head above the 0.6800 handle https://t.co/XNjA9Xsily
  • $ES_F: S&P 500 Futures tapped out slightly above the 3,130 mark yesterday with equities and risk appetite slumping amid rising doubts that the US and China will finalize a phase one trade agreement https://t.co/o5Qd8cFp7n
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.19% France 40: -0.20% Wall Street: -0.25% Germany 30: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sdpQ3XBaoC
  • $XAUUSD: Make or break level for gold over its short-term direction. A rejection after a healthy rebound to the $1,480 level but currently clinging onto confluent support around $1,470. Aside from trade talks, FOMC minutes due today at 19:00 GMT could give the commodity a jolt. https://t.co/KNa1jANpxw
  • RT @economics: Minutes of the Fed's October FOMC meeting will be released Wednesday. Here's what economists will looking for https://t.co/4…
  • RT @forexflowlive: #BOC rate odds into the #Canada #CPI data: Rtrs sees the Dec meeting as 73.5% for unch, 26.5% for -25bp.BBG has 71.7%/28…
  • RT @NorthmanTrader: Your daily liquidity bomb. https://t.co/0MlCZ3uiDH
  • RT @business: President Xi Jinping has a problem: Any strong measures against the U.S. also risk backfiring on China https://t.co/CGmObLAdg3
  • RT @CNBCnow: BREAKING: Trump ordered Ukraine ‘quid pro quo’ through Giuliani, key witness Sondland testifies https://t.co/M0ftA3EDc2
  • Join @@CVecchioFX live for a discussion on your #tradingstyle! https://t.co/gkIi28xgBE
Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

2012-11-13 09:46:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAY: The US Dollar and the S&P 500 continue to languish in search of directional conviction as prices hover near familiar technical barriers.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance at 9982, the 50% Fibonacci retracement, with a break higher targeting a rising channel top at 10012 and the 61.8% level at 10038. Near-term trend line support is at 9949, with a drop below that exposing the 38.2% Fib at 9925.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_5.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing support at 1369.40, the 50% Fibonacci retracement level, after taking out the 38.2% level at 1394.30. A break downward exposes the 61.8% Fib at 1344.50. The 1394.30 level has been recast as resistance, with a reversal back above that targeting the 1424.90-30.90 area.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_6.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing resistance at 1732.33, the 23.6% Fibonacci retracement. A push above that targets the 1790.55-1802.80 area. Near-term support is at 1693.06, the 38.2% Fib, a barrier reinforced by a rising trend line set from late June (now at 1684.23). A drop beneath the latter level targets the 50% Fib at 1661.32.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_7.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices continue to hover above the 50%Fibonacci expansion at 83.76.A break below that exposes 80.00 figure and the 61.8% level at 7978. Resistance is at 87.66, marked by the 38.2% Fib and a falling trend line set from the September 14 high. A push above that aims for the 90.00 figure and the 23.6% expansion at 92.53.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_8.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

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.