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
Bullish
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
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • US Indices are trading higher today as they recover from yesterday's selloff. DOW +1.69% NDX +1.13% SPX +1.66% RUT +0.45% $DOW $QQQ $SPY $IWM
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.32% 🇪🇺EUR: 0.18% 🇨🇭CHF: 0.15% 🇦🇺AUD: 0.09% 🇨🇦CAD: -0.02% 🇯🇵JPY: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/E8tb9vhtOH
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.36% US 500: 1.15% France 40: 0.85% Germany 30: 0.01% FTSE 100: -0.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bvANXMTn3y
  • Heads Up:🇷🇺 Unemployment Rate (DEC) due at 16:00 GMT (15min) Expected: 6.1% Previous: 6.1% https://www.dailyfx.com/economic-calendar#2021-01-28
  • #Gold has strengthened today, rising from a morning low around $1,835 to currently trade above $1,860, its highest level since early this week. $XAU $GLD https://t.co/8eyQFhiGVt
  • USD/CAD extends the advance from the January low (1.2590) as the Federal Reserve’s first interest rate decision for 2021 fails to bolster investor confidence. Get your $USDCAD market update from @DavidJSong here:https://t.co/2DaTqSAkVh https://t.co/55v4nPqL2k
  • Another day of pingpong halts for GME already
  • The US Dollar has now slumped after its early morning strength, with the $DXY falling from around 90.80 to currently trade below 90.50. $USD https://t.co/9P6gO3HaZZ
  • GameStop is pushing fresh record highs just north of 480. And yet, the other supercharged shortsqueezes - AMC, BB, BBY, EXPR, etc - are pulling back a little but still very volatility
  • The DAX 30 is struggling to recover from yesterday’s selloff as risk-off sentiment took control of the markets. Get your stock market update from @HathornSabin here: https://t.co/EFVvYy7ypH https://t.co/BjEB5XgGUW
Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar corrected lower but overall positioning continues to favor the upside. S&P 500 technical positioning hints a turn lower may be ahead.

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 advanced as expected after completing a bullish Flag chart pattern. A correction lower from resistance at 10899, the 38.2% Fibonacci expansion, sees initial support at 10820, the 23.6% level. A drop below this boundary eyes Flag top resistance-turned-support at 10704. Alternatively, a break above 10899 targets the 50% Fib at 10963.

Forex_Dollar_Corrects_Lower_SP_500_Chart_Setup_Warns_of_Downturn_body_Picture_5.png, Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

Daily Chart - Created Using FXCM Marketscope 2.0

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

S&P 500 TECHNICAL ANALYSIS – Prices put in a Hanging Man candlestick below resistance at 1710.90, the 100% Fibonacci expansion, hinting at indecision and warning a turn lower may be ahead. . Near-term support is at 1687.40, the May 22 high, followed by the 76.4% Fib at 1675.10. Alternatively, a break above resistance aims for the 123.6% Fib at 1746.70.

Forex_Dollar_Corrects_Lower_SP_500_Chart_Setup_Warns_of_Downturn_body_Picture_6.png, Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June. Sellers are now challenging the 14.6% Fibonacci expansion at 1301.68, with a break below that exposing the 23.6% level at 1273.98. Channel bottom support-turned-resistance is now at 1335.00.

Forex_Dollar_Corrects_Lower_SP_500_Chart_Setup_Warns_of_Downturn_body_Picture_7.png, Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above initial resistance at 106.49, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 108.85. A further push above that aims for the 50% Fib at 110.77. The 106.49 mark has been recast as near-term support, with a reversal back beneath that eyeing the July 30 low at 102.66.

Forex_Dollar_Corrects_Lower_SP_500_Chart_Setup_Warns_of_Downturn_body_Picture_8.png, Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

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