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
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Oil - US Crude: -0.12% Gold: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7UGWflcF7Y
  • - #NZDCHF outlook bearish as the pair struggles to surmount key resistance range - #NZDCAD trading at 13-month highs, but are technical cues hinting at a pullback? - #AUDNZD is again retreating from five-year resistance – how much will it decline? https://www.dailyfx.com/forex/market_alert/2020/07/08/New-Zealand-Dollar-Analysis-NZDCHF-NZDCAD-AUDNZD.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇦🇺AUD: -0.10% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lTYr3UzRhP
  • RT @DanielGMoss: A ‘second wave’ of #COVID19 cases threatens to hamper #Australia's tentative recovery Uncertainty around the future of fi…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in NZD/USD are at opposite extremes with 72.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ksJ0N2pq6W
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
Forex Analysis: US Dollar Selling Pauses as S&P 500 Warns of Weakness

Forex Analysis: US Dollar Selling Pauses as S&P 500 Warns of Weakness

2013-01-31 06:11:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: US Dollar has stalled after reversing downward from technical resistance while the S&P 500 has produced signs of a looming reversal above the 1500 figure.

US DOLLAR TECHNICAL ANALYSIS Prices turned lower as expected after putting in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10196). Sellers have now cleared the 50% level at 10153, exposing the 38.2% Fib at 10124. A further push beneath that aims for a rising trend line 10106. The 10153 mark has been recast as near-term resistance.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_usd.png, Forex Analysis: US Dollar Selling Pauses as S&P 500 Warns of Weakness

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is in the 1470.80-74.90 area, marked by the September 14 high and the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 1446.20. Near-term resistance is at 1510.60, the January 30 high.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_spx.png, Forex Analysis: US Dollar Selling Pauses as S&P 500 Warns of Weakness

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices pushed higher as expected after completing a bullish Morning Star candlestick pattern above major rising trend line support dating back to mid-May (1653.31). Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1700.68. Alternatively, a reversal below support targets the January 4 low at 1625.69 and the falling channel bottom at 1602.09.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_xau.png, Forex Analysis: US Dollar Selling Pauses as S&P 500 Warns of Weakness

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices cleared resistance at 97.41, exposing the 100.00 figure and the September 14 high at 100.40. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal may be brewing. The 97.41 level has been recast as near-term support and is reinforced by a rising trend line at 96.91. A break below the latter level targets 94.61.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_wti.png, Forex Analysis: US Dollar Selling Pauses as S&P 500 Warns of Weakness

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

News & Analysis at your fingertips.