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
Mixed
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇭CHF: -0.05% 🇪🇺EUR: -0.08% 🇨🇦CAD: -0.18% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q1uXEuBA1M
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.08% Germany 30: -0.06% France 40: -0.14% Wall Street: -0.52% US 500: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bCGarAMjGk
  • Want to make trading decisions with confidence? Download you free guide to avoid hesitations in your trading decisions.https://t.co/00I3lH90OD #DailyFXGuides https://t.co/LEzeGkMlO6
  • Market Snapshot: Anti-risk USD and JPY outperforming Growth-linked Australian, New Zealand and Canadian Dollars underperforming Wall Street futures extending losses during Tuesday APAC trade Nikkei 225 (-1.0%), Hang Seng (-2.4%), Shanghai Composite (-1.2%) [delayed] -BBG
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/FyyPehAlJh
  • Thai Debt Chief Rules Out Additional Stimulus Borrowing For Now - BBG
  • The #HSI Hang Seng Index tumbled 2.5% as profit-taking kicked in among tech stocks: - Tencent (-5.94%) - Alibaba (-1.86%) - Meituan (-6.35%) - Xiaomi (-1.64%)
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/egDQcTpU87
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.24% Silver: 0.19% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iLfFHRMJGq
  • Bank of Indonesia intervening directly in FX spot interbank market to support IDR -BBG
Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is probing cautiously higher but a well-supported rally will need matching follow-through on bearish cues emerging in S&P 500 technical positioning.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September (9980) reinforced by the 14.6% Fib (9986). A break above that targets the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes the 38.2% level at 9848.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_4.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance in the 1424.90-1430.90 area, hinting the upward correction witnessed since mid-September may be over and the dominant down trend ready to resume (although follow-through has yet to materialize). Initial support lines up at 1406.20, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% mark at 1394.30. Alternatively, a push back above 1430.90 targets 1466.10.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_3.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at a rising trend line set from late June. Sellers now aim to challenge the November 5 low at 1672.50. The trend line (now at 1711.06) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_2.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Shooting Star candlestick. A bearish continuation Flag chart pattern now appears to be in the works, with a break of support at 85.76 confirming the setup and initially exposing the 38.2% Fibonacci expansion at 84.04. Near-term, resistance is at 89.19. A push above that aims for the Flag top at 90.76.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_1.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

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