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. See our updated Privacy Policy here.

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
Oil - US Crude
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
More View more
Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar technical positioning warns a turn lower may be ahead after the currency hit a five-month high against its top counterparts last week.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance at 10122, the 61.8%Fibonacci expansion, with a Shooting Star candlestick warning that a turn lower may be ahead. Near term support is at 10082, the 50% level. A reversal back below that exposes the 32.8%expansion at 10044. Alternatively, a break above resistance aims for the 76.4% Fib at 10170.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_4.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices launched sharply higher in the aftermath of a deal to avert the fiscal cliff, taking out a falling trend line set from mid-September and exposing resistance at 1466.10. A break above that targets the 1471.60-1474.90 area marked by the October 5 and September 14 swing highs. Initial support is at 1450.10, the December 19 top, with a break below that eyeing the trend line at 1440.40 and a horizontal pivot at 1432.90.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_3.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

l Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices reversed lower from resistance at a falling trend line set from late November to test support at the 38.2% Fibonacci expansion (1649.37). A break below this boundary exposes the 50% level at 1635.24. Near-term resistance is at 1666.86, the 23.6% Fib, with turn back above that eyeing the trend line (now at 1685.77) anew.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_2.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

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 Hanging Man candlestick below resistance at 93.25, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is in the 91.23-92.01 area, marked by the 61.8% and 76.4% Fibs respectively. This barrier is reinforced by the formerly broken top of a rising channel top set from early November.A drop below 91.23 exposes the 90.00 figure. Alternatively, a reversal above 93.25 aims for the 123.6% expansion at 94.51.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_1.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

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