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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.64%, while traders in EUR/USD are at opposite extremes with 70.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EhQn4EqJYE
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.06% Gold: -0.03% Oil - US Crude: -1.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ALjM4GEwOj
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.45% 🇳🇿NZD: 0.41% 🇯🇵JPY: 0.23% 🇦🇺AUD: 0.22% 🇨🇦CAD: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bgTy0ZEXoV
  • Some really great insight and compelling chart setups below. Strongly encourage taking the time to read through my colleague @JStanleyFX's latest take on #StockMarket cycles. https://t.co/erlf7M9z27
  • Tesla, ARKK, Nasdaq 100 and S&P 500: Varying Stages of the Cycle $TSLA $ARKK $NDX $SPX In order from strongest to weakest: 1) SPX 2) NDX 3) TSLA 4) ARK the leaders have become the laggards... https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/05/18/Tesla-TSLA-Musk-ARKK-NDX-SPX-varying-stages-of-market-cycle.html
  • Please join @JStanleyFX at 13:00 EST/17:00 GMT for a webinar on trading price action. Register here: https://t.co/rFhWzz0pIy https://t.co/o75ju2BFfA
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.13% US 500: -0.15% Germany 30: -0.17% Wall Street: -0.23% France 40: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/c6YWLXdVAI
  • $GBPUSD retesting that Feb 24 swing high is one thing, but to put it into context, that is just off the confluence 2018 double top and midpoint of the 2014-Present range at ~1.4300 https://t.co/EgqXHjVyS5
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.69% 🇳🇿NZD: 0.53% 🇪🇺EUR: 0.51% 🇦🇺AUD: 0.34% 🇯🇵JPY: 0.30% 🇨🇦CAD: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/nNmXsCogu7
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.03% US 500: -0.05% France 40: -0.12% Germany 30: -0.18% Wall Street: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/fC4rLYXZVW
Forex Analysis: S&P 500 Chart Setup Hints US Dollar Support to Hold

Forex Analysis: S&P 500 Chart Setup Hints US Dollar Support to Hold

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 technical positioning warns of a turn lower ahead, hinting the safe-haven US Dollar may manage to hold up at support and position for recovery.

US DOLLAR TECHNICAL ANALYSIS Prices broke below the 23.6% Fibonacci retracement at 9993 to challenge the bottom of a rising channel set from mid-September (now at 9970). A break below this boundary initially exposes the 38.2% level at 9945. Alternatively, a break back above 9993 aims for the November 16 high at 10071.

Forex_Analysis_SP_500_Chart_Setup_Hints_US_Dollar_Support_to_Hold_body_Picture_4.png, Forex Analysis: S&P 500 Chart Setup Hints US Dollar Support to Hold

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are showing a Hanging Man candlestick below resistance at 1408.50, the 50% Fibonacci retracement. This barrier is reinforced by a falling trend line set from mid-October. A turn lower sees initial support at 1392.80, the 38.2% retracement, with a break below that aiming to challenge the 23.6% level at 1373.40. Alternatively, a push above resistance exposes the 1424.90-30.90 area.

Forex_Analysis_SP_500_Chart_Setup_Hints_US_Dollar_Support_to_Hold_body_Picture_3.png, Forex Analysis: S&P 500 Chart Setup Hints US Dollar Support to Hold

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices appear to have carved out a bullish Inverse Head and Shoulders chart pattern confirmed with a close above neckline resistance at 1737.28, 23.6% Fibonacci retracement. The setup implies a measured upside target at 1802.06. The 1737.28 level has been recast as near-term support, with a break below that aiming for the 38.2% Fib at 1688.65.

Forex_Analysis_SP_500_Chart_Setup_Hints_US_Dollar_Support_to_Hold_body_Picture_2.png, Forex Analysis: S&P 500 Chart Setup Hints US Dollar Support to Hold

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices are consolidating below resistance at 89.48, the 23.6% Fibonacci expansion. Initial rising trend line support is at 87.22, with a break below that exposing the November 7 low at 84.04. Alternatively, a push above resistance targets the 38.2% level at 92.88.

Forex_Analysis_SP_500_Chart_Setup_Hints_US_Dollar_Support_to_Hold_body_Picture_1.png, Forex Analysis: S&P 500 Chart Setup Hints US Dollar Support to Hold

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