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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Consensus expectation by analysts and economists prevailed as the SARB kept rates untouched at 3.5%. How has this impacted $USDZAR? Find out from @WVenketas here:https://t.co/AXZk3JbBD7 https://t.co/MVwnbOBnHk
  • President Biden: -Vaccine rollout has been a dismal failure thus far -Things will get worse before they get better -Coronavirus death toll in US likely to top 500,000 next month -Plan to tackle covid outlines 100 million shots over 100 days $USD $SPX
  • The US Dollar recovery has stalled at resistance and the immediate focus is on this pullback as the index approaches near-term uptrend support .Get your $USD technical analysis from @MBForex here:https://t.co/lg6pFomGNb https://t.co/V7ENE6qF1n
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.27% Oil - US Crude: 0.02% Gold: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/D51UyEYdnC
  • French Health Minister: Cannot rule out another lockdown should the situation deteriorate further - BBG
  • #Bitcoin sharply lower today, now down almost 9% $BTC $USD https://t.co/gu4Ca47UaM
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 69.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qCfSvTEA44
  • Gold is trading with a 0.92 (strong, positive) correlation relative to the $SPX. Not uncommon this past year. Gold is trading less like a typical haven and US indices are flying faster/higher than regular 'risk' assets. ... https://t.co/Ky5sU3ZwmL https://t.co/qcOPeT98Uu
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 0.09% Wall Street: 0.07% FTSE 100: -0.06% Germany 30: -0.15% France 40: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tfuJgWMB6b
  • BTC/USD continues to move away from all-time-high. Get your $BTC USD market update from @HathornSabin here:https://t.co/Sdn1MYKJUI https://t.co/Rg5m1u3vUH
Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar found interim support at Augusts’ swing low while the S&P 500 has continued to plunge, hitting the weakest level in six weeks.

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 are edging higher from support at 10650, the August 8 low. Near-term resistance is at 10708,the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 10744. Alternatively, a move below support eyes the bottom of a falling channel set from early July, now at 10606.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_5.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

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 have now cleared support at 1652.10, the 38.2% Fibonacci retracement, exposing the 50% level at 1634.30. A further push beneath that targets the 61.8% Fib at 1616.60. Alternatively, a move back above 1652.10 eyes the 23.6% retracement at 1674.10.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_6.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1376.28, the 61.8% Fibonacci expansion. Near-term support is at 1356.22, the 50% Fib, with a break beneath that targeting the 38.2% level at 1336.76. Alternatively, a reversal above 1376.28 aims for the 76.4% expansion at 1400.72.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_7.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices completed a Flag chart pattern, a setup indicative of bullish continuation. A pullback from initial resistance at 108.40, the 38.2% Fibonacci expansion, sees initial support at the broken Flag top (now at 106.45). A move back below that targets rising trend line support at 104.58. Alternatively, a renewed push higher above 108.40 aims for the 50% level 110.32.

Forex_Dollar_Finds_Support_as_SP_500_Drops_to_New_Six-Week_Low_body_Picture_8.png, Dollar Finds Support as S&P 500 Drops to New Six-Week Low

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