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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • US Senate confirms former Fed Chair Janet Yellen as Treasury Secretary -AFP
  • 🇰🇷 GDP Growth Rate YoY Adv (Q4) Actual: -1.4% Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Majority of US Senate votes to confirm Janet Yellen as Treasury Secretary, voting will continue - BBG
  • With latest round of GDP data, South Korea's GDP per capita is now ahead of Italy's. Into G7 territory for the first time.
  • Brief update on my $AUDNZD analyst pick: The pair has confirmed the break under near-term rising support from December 20-day SMA has been taken out 50-day sits below still, may still come into play as key support if losses extend https://t.co/y4quXCd177 https://t.co/6kyGLO7BnR
  • 🇰🇷 GDP Growth Rate YoY Adv (Q4) Actual: -1.4 Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • 🇰🇷 GDP Growth Rate QoQ Adv (Q4) Actual: 1.1% Expected: 0.7% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Heads Up:🇰🇷 GDP Growth Rate YoY Adv (Q4) due at 23:00 GMT (15min) Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Heads Up:🇰🇷 GDP Growth Rate QoQ Adv (Q4) due at 23:00 GMT (15min) Expected: 0.7% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.24% 🇯🇵JPY: -0.00% 🇦🇺AUD: -0.01% 🇨🇦CAD: -0.08% 🇪🇺EUR: -0.24% 🇨🇭CHF: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zZc4N3ipvy
Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400

Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar continues to push higher as the S&P 500 probes lower to challenge the 1400 figure with an eye toward deer losses head.

US DOLLAR TECHNICAL ANALYSIS Prices broke resistance at 10044, the 32.8%Fibonacci expansion, after completing a bullish Flag chart pattern. The bulls now target the 50% level at 10082, with a break above that aiming for the 61.8% Fib at 10122. The 10044 mark has been recast as near-term support. A reversal back below that aims for the 23.6% expansion at 9995.

Forex_Analysis_Dollar_Continues_to_Break_Higher_as_SP_500_Probes_1400_body_Picture_4.png, Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke down as expected after putting in a bearish Dark Cloud Cover candlestick pattern below falling trend line resistance set from the September 14 high. Sellers have now overcome rising channel support and the 23.6% Fibonacci retracement at 1424.60, exposing the 38.2% level at 1408.80. A break below that targets the 50% Fib at 1396.10. The 1424.60 level and the channel bottom (now at 1429.60) have been recast as near-term resistance.

Forex_Analysis_Dollar_Continues_to_Break_Higher_as_SP_500_Probes_1400_body_Picture_3.png, Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices mounted a shallow recovery from support at 1630.97, marked by the 100% Fibonacci expansion and reinforced by the bottom of a falling channel set from mid-September.Buyers have now edged above the 76.4% expansion at 1659.90, exposing the 61.8% mark at 1677.84. The 1659.90 level has been recast as support, with a turn back below that targeting 1630.97 anew.

Forex_Analysis_Dollar_Continues_to_Break_Higher_as_SP_500_Probes_1400_body_Picture_2.png, Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance in the 91.22-39 area, marked by the 61.8% Fibonacci expansion and the top of a rising channel set from early November. A Doji candlestick points to indecision and hints a pullback may be ahead. Support is at 90.60, the 50% Fib, with a drop below that exposing the 38.2% expansion at 89.97. Alternatively, a break higher targets the 76.4% level squarely at the 92.00 figure.

Forex_Analysis_Dollar_Continues_to_Break_Higher_as_SP_500_Probes_1400_body_Picture_1.png, Forex Analysis: Dollar Continues to Break Higher as S&P 500 Probes 1400

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