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
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
More View more
Real Time News
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/7U3ZJR0kDB
  • Angola to cut November oil exports to lowest since at least 2008 - Angola exported 1.1mbpd of crude oil in September, according to Refinitiv
  • ECB's Kazaks - The 2% price target will not be met in the medium term - Inflation outlook likely to be revised higher
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/fs5IRP7MJy
  • ECB's De Cos says conclusion of FT report is incompatible with ECB guidance $EUR
  • 💶 Inflation Rate YoY Final (AUG) Actual: 3% Expected: 3% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 💶 Inflation Rate MoM Final (AUG) Actual: 0.4% Expected: 0.4% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 💶 Core Inflation Rate YoY Final (AUG) Actual: 1.6% Expected: 1.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:💶 Inflation Rate YoY Final (AUG) due at 09:00 GMT (15min) Expected: 3% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:💶 Inflation Rate MoM Final (AUG) due at 09:00 GMT (15min) Expected: 0.4% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-17
US Dollar Finds Support as S&P 500 Probes Beneath May Top

US Dollar Finds Support as S&P 500 Probes Beneath May Top

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has found interim support after six consecutive days of selling while the S&P 500 has slipped back below the May swing top.

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

US DOLLAR TECHNICAL ANALYSIS – Prices found support at 10656, the 76.4% Fibonacci expansion, after taking out a rising trend line set from mid-June. Near-term resistance is at 10702, the 61.8% Fib, followed by the 50% expansion at 10739. Alternatively, a reversal below support exposes the 100% level at 10581.

Forex_US_Dollar_Finds_Support_as_SP_500_Probes_Beneath_May_Top_body_Picture_5.png, US Dollar Finds Support as S&P 500 Probes Beneath May Top

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 pulled back as expected after putting in a Hanging Man candlestick. Sellers are now testing below support is at 1687.40, the May 22 high, with a break downward targeting the 23.6% Fibonacci retracement at 1674.10. Near-term support-turned-resistance is at the recently broken bottom of a rising channel set from mid-July, now at 1695.00. A move above that exposes the August 8 high at 1709.60.

Forex_US_Dollar_Finds_Support_as_SP_500_Probes_Beneath_May_Top_body_Picture_6.png, US Dollar Finds Support as S&P 500 Probes Beneath May Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing above resistance at a falling trend line set from early May, with buyers aiming at the 38.2% Fibonacci expansion at 1336.76. A break above that targets the 50% level at 1356.52. Near-term resistance is at 1312.32, the 23.6% level, with a reversal back beneath that eying the August 7 low at 1272.81.

Forex_US_Dollar_Finds_Support_as_SP_500_Probes_Beneath_May_Top_body_Picture_7.png, US Dollar Finds Support as S&P 500 Probes Beneath May Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are edging lower within the bounds of what may be a Flag chart pattern, a setup indicative of counter-trend consolidation preceding resumption of the larger bullish trend. Near-term resistance is at 106.04, the 23.6% Fibonacci expansion, with a break higher targeting the Flag top (107.14) and the 38.2% level at 108.40. Near-term support is at 102.21, the August 8 low, followed by the Flag bottom at 101.84.

Forex_US_Dollar_Finds_Support_as_SP_500_Probes_Beneath_May_Top_body_Picture_8.png, US Dollar Finds Support as S&P 500 Probes Beneath May Top

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