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, S&P 500 Stuck as Risk Trends Lack Direction

Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and S&P 500 are drifting near familiar technical levels as risk sentiment trends struggle to find a clear-cut directional bias.

US DOLLAR TECHNICAL ANALYSIS Prices after turning lower from resistance at the top of a rising channel set from mid-September, taking out near-term support at smaller channel bottom to expose the 50% Fibonacci retracement at 10038. A further push below that aims for the 61.8% level at 10009. Near-term resistance is at 10066, the 38.2% retracement, followed by the channel bottom at 10101.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_4.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices continue to stall below resistance at 1474.90, the September 14 high. A break upward targets the 100% Fibonacci expansion at 1495.70. Near-term support is at 1470.40, the 76.4% expansion, with a turn back below that targeting the 61.8% level at 1454.50.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_3.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices took out resistance at 1674.78, the 38.2% Fibonacci retracement, a barrier reinforced by a falling trend line set from the November 23 high. Buyers now aim to challenge the 50% Fib at 1689.95, with a push above that targeting the 61.8% level at 1705.11. The 1674.78 level has been recast as support. A turn back below that eyes the November trend line (now at 1669.05) anew.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_2.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

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 Engulfing candlestick pattern below support-turned-resistance at 94.61, hinting a move lower is ahead. Support is clustered in the 92.06-93.15 area, with a break below that broadly targeting the 90.00 figure. Alternatively, a break above 94.61 targets a rising channel top at 96.35.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_1.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

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