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
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
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
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • German Court rejects EU recovery package-related injunction $EUR
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/riBqX0OXx2
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.76% Gold: 0.33% Oil - US Crude: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vj2dFf16E2
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.19% 🇳🇿NZD: 0.12% 🇯🇵JPY: 0.07% 🇦🇺AUD: -0.04% 🇬🇧GBP: -0.05% 🇪🇺EUR: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/RYCSlw7ZWw
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.43% Germany 30: 0.43% France 40: 0.26% Wall Street: 0.02% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iPL8h3bf8A
  • Crude Oil Prices Fall on Rising Stockpiles and Viral Resurgence https://www.dailyfx.com/forex/market_alert/2021/04/21/Crude-Oil-Prices-Fall-on-Rising-Stockpiles-and-Viral-Resurgence-.html https://t.co/MabIhQvH81
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/pjVSLeyYNT
  • 🇬🇧 Core Inflation Rate YoY (MAR) Actual: 1.1% Expected: 1.1% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-04-21
  • 🇬🇧 Inflation Rate MoM (MAR) Actual: 0.3% Expected: 0.3% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-04-21
  • 🇬🇧 Inflation Rate YoY (MAR) Actual: 0.7% Expected: 0.8% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-21
US Dollar Meets Support as S&P 500 Nears Record High Anew

US Dollar Meets Support as S&P 500 Nears Record High Anew

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar is flirting with a completing a meaningful bearish breakout as prices test key support while the S&P 500 moves toward the index’s record high.

US DOLLAR TECHNICAL ANALYSIS Prices pulled back from resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high, to test support at a rising trend line set from late March (now at 10450). A break below that initially eyes the April 2 low at 10391. Alternatively, a reversal above 10576 exposes the 38.2% level at 10643.

Forex_US_Dollar_Meets_Support_as_SP_500_Nears_Record_High_Anew_body_Picture_5.png, US Dollar Meets Support as S&P 500 Nears Record High Anew

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing resistance near the 1600 figure, a psychological barrier reinforced by the 23.6% Fibonacci expansion (1595.90) and the April 11 swing high (1597.60). A break above 1600 exposes the 38.2% expansion at 1633.20. Near-term support is at 1537.30, the 23.6% Fib retracement, with a drop beneath that targeting the 1500 mark.

Forex_US_Dollar_Meets_Support_as_SP_500_Nears_Record_High_Anew_body_Picture_6.png, US Dollar Meets Support as S&P 500 Nears Record High Anew

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke above resistance at 1469.28, the 50% Fibonacci retracement, as expected. Buyers now aim to challenge the 61.8% level at 1504.14, with a further push above that exposing the 76.4% Fib at 1547.27. The 1469.28 mark has been recast as near-term support. A reversal back beneath that targets the 38.2% retracement at 1434.43.

Forex_US_Dollar_Meets_Support_as_SP_500_Nears_Record_High_Anew_body_Picture_7.png, US Dollar Meets Support as S&P 500 Nears Record High Anew

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices pushed higher to test resistance at 94.79, the April 10 swing high. A break higher targets the 123.6% Fibonacci extension at 96.96, a barrier reinforced by a falling trend line set from late January. Near-term support is at 92.62, the 76.4% Fib retracement, with a reversal beneath that aiming for the 61.8% mark at 91.28.

Forex_US_Dollar_Meets_Support_as_SP_500_Nears_Record_High_Anew_body_Picture_8.png, US Dollar Meets Support as S&P 500 Nears Record High Anew

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