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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Australian Dollar looks poised to outperform its haven-associated counterparts, as bullish technical setups take shape on multiple timeframes. Key levels for AUD/USD, AUD/JPY and AUD/CHF. Get your market update from @DanielGMoss here:https://t.co/Q5MS57yG8W https://t.co/NaUPI5qTKS
  • RT @FxWestwater: Australian Dollar Outlook: $AUDUSD Unfazed by Falling Westpac Confidence Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/01/20/Australian-Dollar-Outlook-AUDUSD-Unfazed-by-Falling-Westpac-Confidence.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/uSsC…
  • Japanese Yen Price Analysis: AUD/JPY, EUR/JPY Poised to Gain Ground - https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2021/01/20/Japanese-Yen-Price-Analysis-AUDJPY-EURJPY-Poised-to-Gain-Ground.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $JPY $AUDJPY $EURJPY https://t.co/LUS1GfqGF5
  • Heads Up:🇮🇩 Business Confidence (Q4) due at 04:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.77% Silver: 0.67% Gold: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vqhNULQSZH
  • A Symmetrical Triangle and long-term trendline resistance provide key levels to watch for NZD/CHF and CAD/CHF. Get your market update from @FxWestwater here:https://t.co/kgfZ8qZRRz https://t.co/BhpXTXz5Ir
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.16% 🇪🇺EUR: 0.14% 🇳🇿NZD: 0.13% 🇨🇭CHF: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U975Up5oUh
  • The #HSI looks set to re-challenge the 28,970 resistance. Will it succeed and attempt 30,000 mark today? https://t.co/ujmzRDsByq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wdG2u51Kl2
  • Japanese Chief Cabinet Secretary Kato: - Vaccine schedule can't be fixed before approval - Tokyo area still facing severe Covid situation - BBG $USDJPY
Forex Analysis: US Dollar Reverses Higher as S&P 500 Tests Support

Forex Analysis: US Dollar Reverses Higher as S&P 500 Tests Support

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has mounted a formidable reversal while S&P 500 technical positioning hints at weakness, hinting the greenback may see upward follow-through.

US DOLLAR TECHNICAL ANALYSIS Prices are testing above resistance at 9995, the 23.6% Fibonacci expansion, after completing a bullish Flag pattern. A confirmed break higher exposes the 32.8% Fib at 10044. Trend line resistance-turned-support is at 9961.

Forex_Analysis_US_Dollar_Reverses_Higher_as_SP_500_Tests_Support_body_Picture_4.png, Forex Analysis: US Dollar Reverses Higher as S&P 500 Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Dark Cloud Cover candlestick below falling trend line resistance set from the September 14 high (1444.40), hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Sellers are now testing through initial rising channel support at 1423.50, with a confirmed break downward on a daily closing basis exposing the 38.2% Fibonacci retracement at 1408.80. Alternatively, a reversal above the trend line aims for the channel top at 1455.90.

Forex_Analysis_US_Dollar_Reverses_Higher_as_SP_500_Tests_Support_body_Picture_3.png, Forex Analysis: US Dollar Reverses Higher as S&P 500 Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing the 100% Fibonacci expansion at 1630.97, a barrier reinforced by the bottom of a falling channel carved out since mid-September. A further drop below this boundary aims for the 123.6% Fib at 1601.78. The 76.4% expansion at 1659.90 lines up as near-term resistance, with a move above that targeting the 61.8% mark at 1677.84.

Forex_Analysis_US_Dollar_Reverses_Higher_as_SP_500_Tests_Support_body_Picture_2.png, Forex Analysis: US Dollar Reverses Higher as S&P 500 Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bearish Evening Star candlestick pattern below resistance at the top of what may prove to be a bearish Flag chart pattern (90.47). A daily close below the setup’s bottom at 86.10 would act as confirmation, initially exposing 81.63 as the next downside objective. Alternatively, a reversal above 90.47 targets trend line resistance at 93.92.

Forex_Analysis_US_Dollar_Reverses_Higher_as_SP_500_Tests_Support_body_Picture_1.png, Forex Analysis: US Dollar Reverses Higher as S&P 500 Tests Support

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