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.

Free Trading Guides
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.1078 S2: 1.1152 S1: 1.1193 R1: 1.1267 R2: 1.13 R3: 1.1374 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/MCdNLAjJpu
  • Has the ECB been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/Znozwxgcak
  • Texas COVID-19 cases increase at 2.4%, same as prior 7-day average - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.91% 🇳🇿NZD: 0.64% 🇨🇭CHF: 0.59% 🇬🇧GBP: 0.17% 🇨🇦CAD: -0.02% 🇯🇵JPY: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j3MpbrNtG4
  • RT @SecPompeo: I applaud @Nasdaq’s actions to require all listed firms comply with the same auditing and inspection rules, especially as re…
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.88% Silver: 0.43% Oil - US Crude: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/s7unTde0G5
  • The #FTSE 100 surged to its highest level since early June on Wednesday after the equity index pierced a longstanding technical barrier around 6,200. Get your #FTSE market update from @PeterHanksFX here:https://t.co/uFaYFaPGz2 https://t.co/mNnlGDksJn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.30%, while traders in US 500 are at opposite extremes with 76.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kZcqWecOdG
  • The $EURUSD's climb continues at an exceptional pace. It is on course for the biggest three-week rally since May 2015 (the bottoming after the 2014 collapse) https://t.co/AbDLQ07D95
Forex Analysis: Dollar Holds Key Support as S&P 500 Turns Lower

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

2012-12-13 05:53:00
Ilya Spivak, Head Strategist, APAC
Share:

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

News & Analysis at your fingertips.