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. See our updated Privacy Policy here.

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
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
Oil - US Crude
Bullish
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
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • 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/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6u52PuzIaY
Dollar Rejected at Resistance, S&P 500 Flirting with 1700 Figure

Dollar Rejected at Resistance, S&P 500 Flirting with 1700 Figure

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar was swiftly rejected at trend line resistance following a recovery attempt. The S&P 500 continues to look for direction near the 1700 figure.

Don’t have access the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

US DOLLAR TECHNICAL ANALYSIS – Prices overturned a bullish Morning Star candlestick pattern identified yesterday, recoiling from falling trend line resistance set from the July 8 swing high to challenge support at 10739, the 50% Fibonacci retracement. A break beneath this boundary exposes the 61.8% level at 10675. Trend line resistance is now at 10793, with added reinforcement from the 38.2% Fib at 10803.

Forex_Dollar_Rejected_at_Resistance_SP_500_Flirting_with_1700_Figure_body_Picture_5.png, Dollar Rejected at Resistance, S&P 500 Flirting with 1700 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM USDollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices pulled back from the 1700 figure to retest resistance-turned-support at 1687.40, the May 22 swing high.A reversal back below this barrier exposes the 76.4% Fibonacci expansion at 1675.10. Alternatively, a reversal above 1700 aims for the 100% level at 1710.90.

Forex_Dollar_Rejected_at_Resistance_SP_500_Flirting_with_1700_Figure_body_Picture_6.png, Dollar Rejected at Resistance, S&P 500 Flirting with 1700 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June (now at 1366.68), hinting a move lower is ahead. Channel bottom support is currently at 1299.97, with a break beneath that initially targeting the 23.6% Fibonacci expansion at 1273.98.

Forex_Dollar_Rejected_at_Resistance_SP_500_Flirting_with_1700_Figure_body_Picture_7.png, Dollar Rejected at Resistance, S&P 500 Flirting with 1700 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices turned lower as expected, completing a bearish Evening Star candlestick pattern. Initial support is at 105.06, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 102.70. Near-term resistance is at 108.89, the July 19 high.

Forex_Dollar_Rejected_at_Resistance_SP_500_Flirting_with_1700_Figure_body_Picture_8.png, Dollar Rejected at Resistance, S&P 500 Flirting with 1700 Figure

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