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
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
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
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
Gold
Mixed
GBP/USD
Mixed
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
  • 🇯🇵 Retail Sales YoY Actual: -13.7% Expected: -11.5% Previous: -4.7% https://www.dailyfx.com/economic-calendar#2020-05-28
  • 🇯🇵 Industrial Production YoY Prel Actual: -14.4% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-05-28
  • 🇯🇵 Retail Sales YoY Actual: -13.7% Expected: -11.5% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇯🇵 Retail Sales YoY due at 23:50 GMT (15min) Expected: -11.5% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇯🇵 Industrial Production YoY Prel due at 23:50 GMT (15min) Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-05-28
  • 🇯🇵 Unemployment Rate Actual: 2.6% Expected: 2.7% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇯🇵 Unemployment Rate due at 23:30 GMT (15min) Expected: 2.7% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2020-05-28
  • The US Dollar has fallen substantially this week as the Dollar Basket (DXY) skirts the edge of lower-lows as it forfeits the ground it captured in the March rally. Get your $USDCAD market update from @PeterHanksFX here: https://t.co/JW6ohifDeF https://t.co/twToadCrtr
  • The #Euro is attempting to break above range resistance capping upside progress for nearly two months. Momentum and sentiment studies warn it may fail. Get your $EURUSD market update from @IlyaSpivak here:https://t.co/4tpAAC1ZpV https://t.co/sCZskNhfJ4
  • RT @FxWestwater: ASX 200 & Nikkei 225 Forecast: US-China Tensions Threaten Gains - @DailyFX $NKY #ASX200 $AUDUSD https://t.co/AnpLRQPdS…
Dollar Locked in Choppy Range as Gold, Oil and S&P 500 Sink

Dollar Locked in Choppy Range as Gold, Oil and S&P 500 Sink

2013-04-16 04:45:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is locked in a choppy consolidation range despite sharp downward breakouts in gold and crude oil prices as well as the S&P 500.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance at 10494, the 23.6% Fibonacci expansion, with a break above that exposing the April 8 swing high at 10538. Near-term support is at 10467, the 38.2% level. A reversal below that initially targets the 50% Fib at 10446.

Dollar_Locked_in_Choppy_Range_as_Gold_Oil_and_SP_500_Sink_body_Picture_4.png, Dollar Locked in Choppy Range as Gold, Oil and S&P 500 Sink

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices pushed sharply lower after putting in a Bearish Engulfing candlestick pattern below the 1600 figure. Initial support lines up at 1537.30, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at the 1500.00 mark. Significant resistance is at 1597.60, the April 11 high.

Dollar_Locked_in_Choppy_Range_as_Gold_Oil_and_SP_500_Sink_body_Picture_3.png, Dollar Locked in Choppy Range as Gold, Oil and S&P 500 Sink

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices took out support at 1397.50, the 100% Fibonacci expansion. Sellers now target the 123.6% mark at 1303.50, with a break below that aiming for the 138.2% Fib at 1245.35. The 1397.50 mark has been recast as near-term resistance. A reversal back above that eyes the 76.4% expansion at 1491.50.

Dollar_Locked_in_Choppy_Range_as_Gold_Oil_and_SP_500_Sink_body_Picture_2.png, Dollar Locked in Choppy Range as Gold, Oil and S&P 500 Sink

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the underside of a previously broken rising trend line set from the March 4 low. Sellers are now testing below support is at 86.67, the 123.6% Fibonacci expansion, with a break below that exposing the 138.2% level at 85.38. Near-term resistance is at 88.77, the 100% Fib.

Dollar_Locked_in_Choppy_Range_as_Gold_Oil_and_SP_500_Sink_body_Picture_1.png, Dollar Locked in Choppy Range as Gold, Oil and S&P 500 Sink

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download historical data here.

--- 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

News & Analysis at your fingertips.