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
Mixed
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
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
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • El crudo #WTI se juega los 35$ por barril en un marco político preocupante #oil #petroleo #trading https://t.co/B6NjYvTgs8
  • Austria's Kurz says EU plan's loan vs grant split and size needs to be debated $EUR
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.11% 🇯🇵JPY: -0.13% 🇨🇭CHF: -0.29% 🇳🇿NZD: -0.59% 🇬🇧GBP: -0.84% 🇦🇺AUD: -1.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2f7woqEyzE
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 1.16% Germany 30: 0.81% FTSE 100: 0.71% Wall Street: 0.53% US 500: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UHNz6zjlW6
  • Heads Up:🇬🇧 Prime Minister Johnson Testimony due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-27
  • EUR/JPY Price Forecast: Bulls Retake Momentum More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2020/05/27/EURJPY-Price-Forecast-Bulls-Retake-Momentum-MK.html?CHID=9&QPID=917714 https://t.co/QRfOMPpqr9
  • German Finance Minister Scholz says he believes there is a good chance for an agreement being reached on EU recovery proposal - BBG
  • The sell-off in USD/MXN continues and touched a near three-month low on Tuesday as the Mexican Peso continued to gain ground.Get your $USDMXN market update from @nickcawley1 here: https://t.co/fFoHdkW0rv https://t.co/UndRpQA5FM
  • We still seem to be in the 'more stimulus equals stronger currency owing to quicker economic recovery' twilight phase in FX. Euro higher on the 750 bln stimulus news with even $EURCHF charging higher https://t.co/38MxVmuVWi
  • $USDCNH rises to highest level since September 2019, as the offshore Yuan weakens on China-US tensions and Hong Kong Protests https://t.co/3FB0IimG5x
Forex Analysis: Dollar Slips Past Support, S&P 500 Still Aiming Lower

Forex Analysis: Dollar Slips Past Support, S&P 500 Still Aiming Lower

2012-12-17 07:19:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar slipped below key trend line support but S&P 500 positioning continues to favor losses, hinting the greenback may yet find a near-term lifeline.

US DOLLAR TECHNICAL ANALYSIS Prices broke rising trend line support set from the mid-September bottom, exposing a neckline barrier at 9925. A further drop below that exposes the bottom of a Flag formation at 9881. Near-term resistance is at 9963, the Flag top, with a break above that aiming for the 23.6% Fibonacci expansion at 9995.

Forex_Analysis_Dollar_Slips_Past_Support_SP_500_Still_Aiming_Lower_body_Picture_4.png, Forex Analysis: Dollar Slips Past Support, S&P 500 Still Aiming Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Three Inside Down candlestick pattern at resistance marked by a falling trend line set from the mid-September swing high (now at 1439.40), hinting a move lower is ahead. The appearance of what looks to be a bearish continuation Flag chart formation reinforces the case for a downside scenario. A break below the Flag bottom at 1413.80 confirms the setup, initially exposing 1396.40. Alternatively, a push above 1439.40 targets the next upside hurdle at 1466.10.

Forex_Analysis_Dollar_Slips_Past_Support_SP_500_Still_Aiming_Lower_body_Picture_3.png, Forex Analysis: Dollar Slips Past Support, S&P 500 Still Aiming 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 1720.45, with a break above that broadly targeting 1752.55 anew.

Forex_Analysis_Dollar_Slips_Past_Support_SP_500_Still_Aiming_Lower_body_Picture_2.png, Forex Analysis: Dollar Slips Past Support, S&P 500 Still Aiming 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 (87.16) aims for 89.19

Forex_Analysis_Dollar_Slips_Past_Support_SP_500_Still_Aiming_Lower_body_Picture_1.png, Forex Analysis: Dollar Slips Past Support, S&P 500 Still Aiming 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.