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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • RT @KyleR_IG: The curve on Friday. https://t.co/do1E6LmfRM
  • Gold suffered a significant breakdown last week as it plummeted beneath support and tagged new lows. Get your $XAUUSD market update from @PeterHanksFX here:https://t.co/850orYzr93 https://t.co/yMTFkLQJSd
  • The Canadian Dollar was hobbled last week, nearly falling through key technical levels. But said technical thresholds were never tripped. Get your $CAD market update from @CVecchioFX here: https://t.co/xEKh42TRbx https://t.co/uB7gQg5ztB
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.60% 🇳🇿NZD: 0.37% 🇪🇺EUR: 0.34% 🇨🇦CAD: 0.07% 🇯🇵JPY: 0.06% 🇨🇭CHF: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cprSmzQd2v
  • 🇳🇿 Building Permits MoM (JAN) Actual: 2.1% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Heads Up:🇦🇺 Markit Services PMI Final (FEB) due at 22:00 GMT (15min) Previous: 55.6 https://www.dailyfx.com/economic-calendar#2021-03-02
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.70% Silver: 0.68% Oil - US Crude: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7oCCFYvG6O
  • EUR/USD appears to be defending the yearly low (1.1952) even as European Central Bank (ECB) officials endorse a dovish forward guidance for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/CMCUpx5ssP https://t.co/UXLAKmdeTX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.63%, while traders in Germany 30 are at opposite extremes with 71.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bmtKjceCBe
  • Heads Up:🇳🇿 Building Permits MoM (JAN) due at 21:45 GMT (15min) Previous: 4.9% https://www.dailyfx.com/economic-calendar#2021-03-02
US Dollar Breaks Trend Support, S&P 500 Eyes Record High

US Dollar Breaks Trend Support, S&P 500 Eyes Record High

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar fell below near-term trend support, suggesting a correction lower has begun, while the S&P 500 continues to march toward its record high.

US DOLLAR TECHNICAL ANALYSIS Prices turned lower as expected, taking out support at the bottom of a rising channel set from late January. Sellers now aim to challenge the 23.6% Fibonacci retracement at 10471, with a break beneath that exposing the 38.2% level at 10406. The channel bottom (now at 10518) has been recast as resistance. A move back above that targets the March 8 high at 10575.

Forex_US_Dollar_Breaks_Trend_Support_SP_500_Eyes_Record_High_body_Picture_5.png, US Dollar Breaks Trend Support, S&P 500 Eyes Record High

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke resistance at 1556.00, the 38.2% Fibonacci expansion, exposing the 50% level at 1578.50. Negative RSI divergence warns of ebbing upward momentum however and hints a turn lower may be ahead. The 1556.00 level has been recast as near-term support, with a reversal back beneath that eyeing the 1528.40-31.60 area marked by the February 20 high and the 23.6% Fib.

Forex_US_Dollar_Breaks_Trend_Support_SP_500_Eyes_Record_High_body_Picture_6.png, US Dollar Breaks Trend Support, S&P 500 Eyes Record High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke above resistance at 1585.81, the 23.6% Fibonacci retracement, exposing the 38.2% level at 1604.84. A further push above that aims for the 50% Fib at 1620.28. The 1585.81 has been recast support, with a turn back beneath that eyeing the 14.6% retracement at 1574.06.

Forex_US_Dollar_Breaks_Trend_Support_SP_500_Eyes_Record_High_body_Picture_7.png, US Dollar Breaks Trend Support, S&P 500 Eyes Record High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke resistance at 92.72, the 38.2% Fibonacci retracement, exposing the 50% level at 93.77. A further push beyond that boundary eyes the 61.8% Fib at 94.82. The 92.72 level has been recast s near-term support. A reversal back below that targets the 23.6% retracement at 91.43.

Forex_US_Dollar_Breaks_Trend_Support_SP_500_Eyes_Record_High_body_Picture_8.png, US Dollar Breaks Trend Support, S&P 500 Eyes Record 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

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES