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 Extends Gains as S&P 500 Breaks 7-Month Trend

US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar continued to push higher in the wake of the FOMC policy announcement while the S&P 500 overturned the rising trend in place since November 2012.

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

US DOLLAR TECHNICAL ANALYSIS Prices found interim support above a rising trend line set from late February and launched a recovery, with the bulls now challenging the 61.8% Fibonacci retracement at 10721. A further push higher targets the 76.4% level at 10781. The 50% Fib at 10673 is acting as near-term support, with a reversal back beneath that eyeing the 38.2% retracement at 10625.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_5.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices dropped through a support cluster marked by rising trend lines set from mid-November 2012 and February of this year, with sellers now testing the 76.4% Fibonacci expansion at 1585.80. A further push beneath that aims for the 100% level at 1564.60. Alternatively, a recovery above the 1600 figure sees trend line support-turned-resistance at 1607.40.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_6.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices dove sharply lower, with sellers now testing the 100% Fibonacci expansion at 1273.77. A break beneath that exposes the 123.6% level at 1238.38. Near-term resistance is at 1309.16, the 76.4% Fib, followed by the 61.8% expansion at 1331.05.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_7.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices punched below support at 95.21, the 50% Fibonacci retracement, exposing the 61.8% level at 94.27. This is followed by a rising trend line set from mid-April, now at 93.73. Alternatively, a move back above 95.21 eyes the 38.2% Fib at 96.15.

Forex_US_Dollar_Extends_Gains_as_SP_500_Breaks_7-Month_Trend_body_Picture_8.png, US Dollar Extends Gains as S&P 500 Breaks 7-Month Trend

8hr 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