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.

Free Trading Guides
EUR/USD
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
Oil - US Crude
Mixed
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
Gold
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
GBP/USD
Bearish
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
  • NZD/USD IG Client Sentiment: Our data shows traders are now net-long NZD/USD for the first time since May 19, 2020 when NZD/USD traded near 0.61. A contrarian view of crowd sentiment points to NZD/USD weakness. https://www.dailyfx.com/sentiment https://t.co/vNo6FTWKmk
  • Crude Oil Prices Rise as Trump Talks Hong Kong, Gold Up on US Unrest - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/06/01/Crude-Oil-Prices-Rise-as-Trump-Talks-Hong-Kong-Gold-Up-on-US-Unrest.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #gold #XAUUSD #OOTT https://t.co/gXE7J4nA4K
  • 🇿🇦 ABSA Manufacturing PMI Actual: 50.2 Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Repaso a los eventos más importantes de la semana, enfoque en #Lagarde y el #BCE #trading https://t.co/tlKfrNq9xW https://t.co/TgfLmXwvVu
  • Repaso a los eventos más importantes de la semana, enfoque en #Lagarde y el #BCE #trading https://t.co/tlKfrNq9xW
  • Heads Up:🇿🇦 ABSA Manufacturing PMI due at 09:00 GMT (15min) Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • OPEC and Russia is said to be moving closer to an agreement on extension of oil production cuts, looking at 1-2 months - RTRS sources
  • 🇬🇧 Markit/CIPS Manufacturing PMI Final Actual: 40.7 Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Sharp risk-off reversal after #China is reported to halt some US agriculture imports amid #HongKong tensions & #TradeWar escalation. #AUD, #NZD and #SP500 futures down. #USD and #JPY up. https://t.co/2uwoEalx62
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Final due at 08:30 GMT (15min) Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
Dollar Stalls at Familiar Range Top, SPX 500 Recovery Continues

Dollar Stalls at Familiar Range Top, SPX 500 Recovery Continues

2013-08-26 06:08:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar has stalled at Augusts’ range top once again while the SPX 500 continues to recover having spiked to a two-month low last week.

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 put in a Spinning Top candlestick below resistance at 10760, the August 13 high, hinting a move lower may be ahead. Range support is at 10646, with a break below that targeting the bottom of a falling channel set from early July (now at 10581). A reversal above 10760 aims for the channel top at 10804.

Forex_Dollar_Stalls_at_Familiar_Range_Top_SPX_500_Recovery_Continues_body_Picture_5.png, Dollar Stalls at Familiar Range Top, SPX 500 Recovery Continues

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 are edging higher as expected after putting in a Bullish Engulfing candlestick pattern. Initial resistance remains at 1669.80, the 23.6% Fibonacci expansion. A break above that targets the 1687.40-91.80 area, marked by the 38.2% level and the May 22 high. Near-term support is at 1634.30, the August 22 low.

Forex_Dollar_Stalls_at_Familiar_Range_Top_SPX_500_Recovery_Continues_body_Picture_6.png, Dollar Stalls at Familiar Range Top, SPX 500 Recovery Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices overturned bearish reversal cues noted last week, pushing higher to challenge resistance at the 76.4% Fibonacci expansion (1400.72). A break this barrier targets a rising channel top at 1423.17, followed by the 100% level at 1440.23. Near-term support is at 1376.28, the intersection of the channel bottom and the 61.8% Fib.

Forex_Dollar_Stalls_at_Familiar_Range_Top_SPX_500_Recovery_Continues_body_Picture_7.png, Dollar Stalls at Familiar Range Top, SPX 500 Recovery Continues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices showed little downward follow-through after putting in a Bearish Engulfing candlestick pattern. Positioning appears to be tracing out a consolidation Triangle setup once again, a formation typically indicative of consolidation preceding resumption of the overall trend (which favors the upside in this case). Resistance at the Triangle top is reinforced by the 38.2% Fibonacci expansion at 108.40, with a break above that targeting the 50% level at 110.32. Triangle support is now at 103.68. A reversal beneath that eyes a rising trend line at 100.44.

Forex_Dollar_Stalls_at_Familiar_Range_Top_SPX_500_Recovery_Continues_body_Picture_8.png, Dollar Stalls at Familiar Range Top, SPX 500 Recovery Continues

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

News & Analysis at your fingertips.