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
Bearish
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
Bullish
More View more
Real Time News
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZX8cS https://t.co/qdrsi61CN8
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/IyQdfq29fz
Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar technical positioning hints a recovery may be ahead after a period of consolidation, while the S&P 500 recovery may be running out of steam.

US DOLLAR TECHNICAL ANALYSIS Prices are stalling at the bottom of a rising channel set from mid-September (now at 9965). An Inverted Hammer candlestick hints a rebound may be ahead. Near-term resistance is at 9993, the 23.6% Fibonacci retracement, with a push above that aiming to challenge the November 16 high at 10071. Alternatively, a break below support initially exposes the 38.2% level at 9945.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_4.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged above resistance at a falling trend line set from mid-October and overcame the 50% Fibonacci retracement at 1408.50. The bulls now aim to challenge the 1424.90-30.90 area, with a break above that exposing the 76.4% Fib at 1443.60. However, a Doji candlestick points to indecision and hints a pullback may be ahead. The 1408.50 level has been recast as near-term support, with a drop back below that exposing the trend line (now at 1398.70) and the 38.2% retracementat 1392.80.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_3.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned lower after putting in a Bearish Engulfing candlestick pattern below the 61.8% Fibonacci retracement (1748.70), dropping past the 38.2% level at 1719.60. Sellers now target the 23.6% Fib at 1701.60, a barrier reinforced by a rising trend line set from late June (now at 1700.18). A push below that initially targets the November 5 low at 1672.50. The 1719.60 level has been recast as initial resistance, with a reversal back above that aiming for the 50% retracement at 1734.15.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_2.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices continue to consolidate below the 23.6% Fibonacci expansion at 89.48. Near-term support is at 84.104, the November 7 low, with a break below that exposing the 80-50-81.43 area. Alternatively, a push above resistance targets the 38.2% expansion at 92.87.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_1.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

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