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
Bullish
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
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
Gold
Mixed
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • $USDCAD sold off aggressively last week, putting it into position to test the important 2017 low; trading bias is neutral to bearish. Get your market update from @PaulRobinsonFX here: https://t.co/sphxUAW9TB https://t.co/ZhsTeJOOM8
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
  • There is some very interesting event risk over the opening half of this coming week of trade. It starts with Elon Musk hosting SNL tonight for Dogecoin traders and moves into US inflation data to as means to stir the ongoing Fed debate and Dollar https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/LXhjv7ToWC
  • It was a big week for Gold bulls and Gold prices broke out to fresh two-month-highs, finally taking-out the 1800 level along the way. Get your market update from @JStanleyFX here: https://t.co/D222Ni37Dv https://t.co/KcMYyx3Ro4
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/PjywaPeUsl
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/AjOSPzOFLb
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/eqklbOEJMa
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/p9Pkkbo2zf
US Dollar Finds No Support as S&P 500 Plunges

US Dollar Finds No Support as S&P 500 Plunges

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar failed to find fuel for a meaningful advance despite a sharp decline in the S&P 500 that may have been expected to help the safe-haven greenback.

Capitalize on Shifts in Market Mood with the DailyFX Speculative Sentiment Index.

US DOLLAR TECHNICAL ANALYSIS Prices moved lower as expected, taking out the 14.6% Fibonacci retracement level at 10711 and exposing the 23.6% Fib at 10609. A further push beneath that eyes the 38.2% level at 10443. The 10711 mark has been recast as near-term resistance, with a break back above that eyeing the underside of a recently broken rising channel at 10823.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_5.png, US Dollar Finds No Support as S&P 500 Plunges

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices dropped to support at 1607.50, the 61.8% Fibonacci expansion. A break below that exposes the 76.4% level at 1598.10. Near-term trend line resistance is at 1615.20, the 50% Fib, with a move back above that eyeing the 38.2% expansion at 1622.80.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_6.png, US Dollar Finds No Support as S&P 500 Plunges

4hr Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern, hinting a turn lower may be ahead. Overall positioning looks to be taking the shape of a Pennant chart formation, which likewise argues for bearish continuation. A break below the setup’s lower boundary (1398.91) initially exposes the 23.6% Fibonacci expansion at 1386.51. Alternatively, a move above near-term trend line resistance at 1409.72 targets the Pennant top at 1427.98.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_7.png, US Dollar Finds No Support as S&P 500 Plunges

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A bounce from falling channel support targets the formation’s top at 94.48, with a break above that aiming for a falling trend line set from September 2012, now at 96.75. Channel support is at 90.58.

Forex_US_Dollar_Finds_No_Support_as_SP_500_Plunges_body_Picture_8.png, US Dollar Finds No Support as S&P 500 Plunges

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