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
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
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇲🇽 Unemployment Rate (DEC) Actual: 3.8% Expected: 4.3% Previous: 4.4% https://www.dailyfx.com/economic-calendar#2021-01-21
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/Fkhzl5OPXg
  • 🇲🇽 Unemployment Rate (DEC) Actual: 3.8 Expected: 4.3% Previous: 4.4% https://www.dailyfx.com/economic-calendar#2021-01-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 70.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fRoUoqtGbc
  • Heads Up:🇲🇽 Unemployment Rate (DEC) due at 12:00 GMT (15min) Expected: 4.3% Previous: 4.4% https://www.dailyfx.com/economic-calendar#2021-01-21
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.31% Gold: 0.02% Oil - US Crude: -0.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Kn8mdyS57Y
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.53% 🇬🇧GBP: 0.43% 🇦🇺AUD: 0.27% 🇨🇭CHF: 0.18% 🇯🇵JPY: 0.10% 🇨🇦CAD: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mwWxyHchSd
  • Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd #DailyFXGuides https://t.co/Im099ElT61
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.49% US 500: 0.24% Wall Street: 0.16% FTSE 100: 0.14% France 40: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rsPhYcZW22
  • #HSI Hang Seng Index finished slightly below 30,000 mark as Southbound net flow via the stock connections fell three days in a row to HK$ 16,263 million, from a record high of 26,592 million on Jan 19th. Total southbound flows contributed to 31% HKEX's daily turnover on Thur. https://t.co/YkxXUHEFRa
Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar held at trend-defining support while the S&P 500 nudged lower, taking a first step toward validating a chart setup that may send the greenback higher.

US DOLLAR TECHNICAL ANALYSIS Prices are resting at rising trend line support set from the mid-September bottom, with the outlines of a Flag chart formation hinting at bullish continuation. A Piercing Line candlestick pattern reinforces the case for an upside scenario. A break above Flag resistance at 9970 initially exposes the 23.6% Fibonacci expansion at 9995. Alternatively, a drop below the trend line (now at 9942) targets the Flag bottom at 9890.

Forex_Analysis_Dollar_Holds_Key_Support_as_SP_500_Turns_Lower_body_Picture_4.png, Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Harami candlestick pattern in the 1425.40-38.90 resistance area, a barrier reinforced by a falling trend line set from the mid-September swing high (now at 1440.80). The setup hints a move lower is ahead. The appearance of a bearish continuation Flag chart formation reinforces the case for a downside scenario. A break below the Flag bottom at 1411.90 confirms the setup, exposing a measured downside target at 1376.70. Alternatively, a move above 1440.80 targets the next upside hurdle at 1466.10.

Forex_Analysis_Dollar_Holds_Key_Support_as_SP_500_Turns_Lower_body_Picture_3.png, Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

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. A move lower is now materializing as expected following a Hanging Man candle completed on a retest of this barrier. Near-term support is at 1692.41, the 50% Fibonacci expansion. A break below that exposes the 61.8% level at 1677.84. Trend line support-turned-resistance is at 1717.82, with a break above that broadly targeting 1752.55 anew.

Forex_Analysis_Dollar_Holds_Key_Support_as_SP_500_Turns_Lower_body_Picture_2.png, Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

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 validated with a break through the setup’s lower boundary. Near-term support is at 85.61, the 50% Fibonacci expansion. A break below that exposes the 61.8% Fib at 84.50. Alternatively, a push back above the Flag bottom (86.92) aims for 89.19

Forex_Analysis_Dollar_Holds_Key_Support_as_SP_500_Turns_Lower_body_Picture_1.png, Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

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