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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.92%, while traders in AUD/JPY are at opposite extremes with 79.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kuL82lTV5z
  • Gold prices have been steadily increasing as the tug of war between rising global inflation and rising Treasury yields continue. Get your market update from @WVenketas here:https://t.co/sa8G3qf4ro https://t.co/SIcAe26lrU
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.97% Oil - US Crude: 0.80% Gold: 0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dGoE8KO5rs
  • $AUDJPY yday's bearish engulf confirmed upon completion I liked 85 support but triggering long in front of a bearish engulf on the daily can be a very bad idea now pair is taking out that 85 level, continuing to pull back https://t.co/bBw7d6q0L8 https://t.co/i9tgERuT6y
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.32% 🇨🇭CHF: 0.11% 🇪🇺EUR: 0.00% 🇨🇦CAD: -0.09% 🇳🇿NZD: -0.24% 🇬🇧GBP: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Jlbh0ZRXmb
  • - EU has told the UK that British legal texts can't be basis for talks - EU preparing response if UK triggers article 16 of NI protocol
  • EU considers terminating Brexit trade if UK rift deepens
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.05% Germany 30: -0.08% France 40: -0.09% FTSE 100: -0.12% US 500: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/S161NtD3GO
  • RT @LiveSquawk: Fed’s Powell: Service Side Of Economy Expected To Return To Normality As Delta Variant Fades - Very Possible US Will Be At…
  • RT @FinancialJuice: PUNCHBOWL'S SHERMAN: HOUSE REP. SPEAKER PELOSI STATED LAWMAKERS ARE ON PATH TO AGREEMENT ON RECONCILIATION BILL.
US Dollar and S&P 500 Continue to Advance in Tandem

US Dollar and S&P 500 Continue to Advance in Tandem

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and the S&P 500 continue to push higher, with the greenback testing its 2012 high while the equity index trades at levels unseen since 2007.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance in the 10323-26 area, marked by the 123.6% Fibonacci expansion and the 2012 yearly high. A break above this barrier initially exposes the 138.2% level at 10374. Near-term support is at 10248, the 100% Fib.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_5.png, US Dollar and S&P 500 Continue to Advance in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1513.20, the 114.6% Fibonacci expansion. Buyers now aim to challenge the 123.6% level at 1523.00, with a break above that targeting the 138.2% mark at 1538.70 (now shown). The 1513.20 level has been recast as near-term support. A reversal back below that initially exposes the 100% Fib at 1497.50.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_6.png, US Dollar and S&P 500 Continue to Advance in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke critical rising trend line support set from mid-May 2012. Sellers are now testing below that 38.2% Fibonacci expansion (1648.20), with a confirmed break exposing the 50% mark at 1633.06. The trend line – now at 1659.90 – has been recast as near-term resistance.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_7.png, US Dollar and S&P 500 Continue to Advance in Tandem

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. 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_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_8.png, US Dollar and S&P 500 Continue to Advance in Tandem

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