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
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Italian Health Ministry recommends Johnson & Johnson vaccine be used on people over 60 $EUR $JNJ
  • Italy's Franco: - EU and ECB funding cannot last forever - Debt must be reduced $EUR
  • video of today's webinar posted + ready to go. $USD the focus, $Gold got a look, too (~25 mins in) https://t.co/ogyrmiJDey
  • Italy's Franco: GDP likely negative in Q1, but positive in Q2
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Silver: -0.09% Oil - US Crude: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/hrEmoKJmOC
  • Canadian #Dollar Forecast: $USDCAD Breakout Potential– #Loonie Levels - https://t.co/yo2PAylSpr https://t.co/YGmglD6lDh
  • Italy's Finance Minister Franco: - We expect Q1 GDP to fall 1.2% from Q4 2020 - Recovery plan will be presented to EU commission on time $EUR
  • The Nasdaq 100-tracking QQQ ETF recorded its largest single-day outflow since October on Friday. Get your market update from @PeterHanksFX here:https://t.co/TFWOqReZiA https://t.co/w18wvwaw00
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/osKbtin36O
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.24% FTSE 100: 0.21% France 40: 0.01% US 500: -0.83% Wall Street: -0.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6Vjfga9BAY
Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar appears to have found interim support after a correction lower while the S&P 500 continues to tread water below familiar chart resistance.

US DOLLAR TECHNICAL ANALYSIS Prices found support at 10059, the 23.6% Fibonacci retracement. A bounce from here sees initial channel top resistance at 10133, with a break above that targeting the January 4 high at 10158. Alternatively, a drop through support exposes the 38.2% level at 9998.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_4.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

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 1439.60 and a horizontal pivot at 1432.90.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_3.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices found support at the bottom of a falling channel set from mid-September 2012, recovering to the 23.6% Fibonacci retracement at 1665.66. A break above that exposes the 38.2% level at 1690.39. The first layer of major support is at 1620.84, the channel bottom.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_2.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

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_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_1.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

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