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
Wall Street
Bearish
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
Real Time News
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
Dollar Takes Aim at 2012 High, S&P 500 Standstill Continues

Dollar Takes Aim at 2012 High, S&P 500 Standstill Continues

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has cleared yet another level of resistance and now takes aim at the 2012 yearly high. The S&P 500 continues to drift above the 1500 figure.

US DOLLAR TECHNICAL ANALYSIS Prices broke above resistance at 10273, the 100% Fibonacci expansion, exposing10323-30 area marked by the 2012 high and the 123.6% level. The 10273 mark has been recast as near-term support, with a turn back below that targeting the 76.4% Fib at 10216.

Forex_Dollar_Takes_Aim_at_2012_High_SP_500_Standstill_Continues_body_Picture_4.png, Dollar Takes Aim at 2012 High, S&P 500 Standstill Continues

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are hovering above support at 1495.90, the 100% Fibonacci expansion. Negative RSI divergence warns of ebbing bullish momentum, hinting a reversal lower may be ahead. A break downward initially exposes the 1470.30-74.90 area, marked by the September 14 high and the 76.4% Fib. Initial resistance is at 1513.70, the 14.6% expansion, with a push above that aiming for the 123.6% level 1521.30.

Forex_Dollar_Takes_Aim_at_2012_High_SP_500_Standstill_Continues_body_Picture_3.png, Dollar Takes Aim at 2012 High, S&P 500 Standstill Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to hover above rising trend line support dating back to mid-May (1658.48), with a bullish Morning Star candlestick pattern arguing for an upside bias. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by a falling channel top at 1693.43. A break above the latter level eyes the 50% level at 1710.74. Alternatively, a drop below support targets the January 4 low at 1625.69 and the 1600/oz figure.

Forex_Dollar_Takes_Aim_at_2012_High_SP_500_Standstill_Continues_body_Picture_2.png, Dollar Takes Aim at 2012 High, S&P 500 Standstill Continues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke lower as expected, taking out the bottom of a Rising Wedge chart formation, after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support remains at 95.14, the 23.6% Fibonacci retracement. Interestingly, that level also looks to be lining up as the neckline to a would-be Head and Shoulders top. A break lower confirmed on a daily closing basis initially exposes the 38.2% level at 93.24 but the H&S setup implies a measured target at 92.07. Near-term resistance at 98.21, marked by the January 30 high.

Forex_Dollar_Takes_Aim_at_2012_High_SP_500_Standstill_Continues_body_Picture_1.png, Dollar Takes Aim at 2012 High, S&P 500 Standstill Continues

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