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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • (#ASEAN Fundy) US Dollar Outlook: Bond Yields, Powell and CPI in Focus. USD/SGD Eyeing MAS, Chinese GDP #USD #Bonds #Fed #China #MAS $USDSGD https://www.dailyfx.com/forex/fundamental/article/special_report/2021/04/12/US-Dollar-Outlook-Bond-Yields-Powell-and-CPI-in-Focus-USDSGD-Eyeing-MAS-Chinese-GDP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5PYoYUgggs
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/TIZQzitE1j
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3xWt8YB351
  • The opening range for April raises the scope for a further decline in the US Dollar Index (DXY) as the monthly high (93.34) lines up with the first day of the month. Get your market update from @DavidJSong here: https://t.co/3iHUdOz7Oy https://t.co/ZmsEtSOICA
  • New Zealand Dollar Forecast: NZD/USD, NZD/JPY Key Levels with RBNZ on Tap - https://www.dailyfx.com/forex/market_alert/2021/04/12/New-Zealand-Dollar-Forecast-NZDUSD-NZDJPY-Key-Levels-with-RBNZ-on-Tap.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $NZD $NZDUSD $NZDJPY https://t.co/tziU8yPkpm
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇪🇺EUR: -0.10% 🇨🇭CHF: -0.13% 🇬🇧GBP: -0.17% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ALbF5MkoCp
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in France 40 are at opposite extremes with 82.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SJNlYSTnZU
  • Dow Jones, Nikkei 225, ASX 200 Outlook: Bank Earnings in Focus as US Stocks Hit Records https://www.dailyfx.com/forex/market_alert/2021/04/12/Dow-Jones-Nikkei-225-ASX-200-Outlook-Bank-Earnings-in-Focus-as-US-Stocks-Hit-Records.html https://t.co/lGG8J2ntXT
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/VRfjvmBq6N
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
Forex Analysis: US Dollar May Pull Back as S&P 500 Signals Rebound

Forex Analysis: US Dollar May Pull Back as S&P 500 Signals Rebound

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar may correct lower on waning safe-haven demand as S&P 500 technical positioning hints a rebound may be in the cards ahead.

US DOLLAR TECHNICAL ANALYSIS Prices edged through resistance at 10038, the 61.8% Fibonacci retracement, with buyers now aiming to challenge the 76.4% level at 10109. The first layer of significant support lines up at 10020, the top of a formerly broken rising channel set from mid-September, with a drop below that targeting the 50% retracement at 9982.

Forex_Analysis_US_Dollar_May_Pull_Back_as_SP_500_Signals_Rebound_body_Picture_5.png, Forex Analysis: US Dollar May Pull Back as S&P 500 Signals Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a Bullish Engulfing candlestick pattern above support at 1344.50, the 61.8% Fibonacci retracement, hinting a bounce may be ahead. Initial resistance is at 1369.40, the 50% Fib, with a break above that exposing the 38.2% level at 1394.30. Alternatively, a reversal through support targets the 76.4% retracement at 1313.70.

Forex_Analysis_US_Dollar_May_Pull_Back_as_SP_500_Signals_Rebound_body_Picture_6.png, Forex Analysis: US Dollar May Pull Back as S&P 500 Signals Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are turning lower from resistance at 1732.33, the 23.6% Fibonacci retracement. 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 1689.91). A drop beneath the latter level targets the 50% Fib at 1661.32. Alternatively, a push above resistance targets the 1790.55-1802.80 area

Forex_Analysis_US_Dollar_May_Pull_Back_as_SP_500_Signals_Rebound_body_Picture_7.png, Forex Analysis: US Dollar May Pull Back as S&P 500 Signals Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices pushed above resistance at a falling trend line set from the September 14 high to challenge the 38.2% Fibonacci expansion at 87.70. A break above that exposes the 23.6% Fib at 92.53. Trend line resistance-turned-support is now at 86.36, with a push below that targeting the 50% expansion at 83.76.

Forex_Analysis_US_Dollar_May_Pull_Back_as_SP_500_Signals_Rebound_body_Picture_8.png, Forex Analysis: US Dollar May Pull Back as S&P 500 Signals 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