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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Wall Street Futures Update S&P 500: -0.33% Dow Jones: -0.34% NASDAQ 100: -0.32% (delayed) - BBG
  • (Asia AM) The Japanese #Yen and US Dollar sank as the Australian Dollar rose despite escalating US-China tensions over Hong Kong. $USDJPY may be readying to turn lower after clearing support - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/05/26/Yen-Sank-Despite-US-China-Hong-Kong-Tensions-USDJPY-May-Fall.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/GxJ7D7W5Ov
  • RBNZ's Orr: Sees 'more room to go' on home loan interest rates -BBG
  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here:https://t.co/LkEFJViPWY https://t.co/6QH27c5ZHS
  • RBNZ's Orr: Expects credit demand to lift and bank lending to match greater credit demand -BBG
  • RBNZ Governor Adrian Orr: Sees more room for banks to increase lending, banks have done well with loan restructures -BBG $NZDUSD #RBNZ
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/AyCMqK52oa
  • BoC's Poloz: Negative rates needed only in extreme conditions, extreme conditions may happen if fiscal policy not used -BBG $USDCAD
  • S&P500: Still, risks to the rally remain so traders will have to discern whether this is an honest breakout or a mere head-fake higher. Get your #equities market update from @PeterHanksFX here:https://t.co/zDlsun6VIF https://t.co/IQ1ITcVj7I
  • Very interesting to see the 'pro-risk' Australian Dollar diverge with the #SP500 during Tuesday's Wall Street session. #USD struggled to capitalize on its 'safe-haven' appeal as stocks retreated. Gentle reminder that asset relationships and traits are not always absolute $AUDUSD https://t.co/bs8uXo6q6S
US Dollar May Wobble as Prices Hit a Two-Year High

US Dollar May Wobble as Prices Hit a Two-Year High

2013-02-19 03:26:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar soared to a two–year high but early signs of ebbing upward momentum may be hinting at a reversal lower in the works.

US DOLLAR TECHNICAL ANALYSIS Prices broke above resistance in the 10323-26 area, marked by the 123.6% Fibonacci expansion and the 2012 yearly high, exposing the 138.2% level at 10375. A further push above that aims for the 150% level at 10413. Negative RSI divergence warns of ebbing bullish momentum however, hinting a reversal lower may be ahead. A turn back below 10323 and a minor rising trend line at 10302 targets the 100% Fib 10248.

Forex_US_Dollar_May_Wobble_as_Prices_Hit_a_Two-Year_High_body_Picture_5.png, US Dollar May Wobble as Prices Hit a Two-Year High

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick below resistance at 1523.00, the 123.6% Fibonacci expansion, warning of indecision and hinting a reversal lower may be ahead. Negative RSI divergence reinforces the case for a downside scenario. The first layer of major support is at 1497.50, the 100% Fib. A break below that aims for the 1471.90-74.90 area. Alternatively, a push through resistance aims for the 138.2% mark at 1538.70.

Forex_US_Dollar_May_Wobble_as_Prices_Hit_a_Two-Year_High_body_Picture_6.png, US Dollar May Wobble as Prices Hit a Two-Year High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below support at 1617.84, the 61.8% Fibonacci expansion, exposing the 76.4% level at 1599.10. A further push below that targets a falling channel bottom at 1588.66. The 1617.84 level has been recast as near-term resistance, with a reversal back above that eyeing the 50% Fib at 1632.97.

Forex_US_Dollar_May_Wobble_as_Prices_Hit_a_Two-Year_High_body_Picture_7.png, US Dollar May Wobble as Prices Hit a Two-Year High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are consolidating above support at 95.14, the 23.6% Fibonacci retracement. Resistance remains in the 98.02-21 area (marked by the 23.6% Fib expansion and the January 30 high). A break higher exposes the 38.2% expansion at 99.91. Alternatively, a reversal below 95.14 initially targets the 38.2% retracement at 93.24.

Forex_US_Dollar_May_Wobble_as_Prices_Hit_a_Two-Year_High_body_Picture_8.png, US Dollar May Wobble as Prices Hit a Two-Year High

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.