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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇳🇿 Building Permits MoM due at 22:45 GMT (15min) Previous: -21.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • #Gold prices have rallied by as much as 3% from the Wednesday low up to this morning’s high, and price action is tip-toeing up to that $1750 psychological level that’s proven so difficult to break. Get your $XAUUSD technical analysis from @JStanleyFX here:https://t.co/MIbZgve7Pi https://t.co/ml6G1N0b7V
  • RT @realDonaldTrump: I will be delivering brief remarks from the Rose Garden at 6:30 P.M. Eastern to update on the Federal Response.
  • US Dollar weakness continues as selling pressure sustained over the last five trading sessions steers the DXY Index 2% lower. Get your $USD currency pairs market update from @RichDvorakFX here:https://t.co/LLlcezQmXK https://t.co/ln5dqmkCPr
  • The Canadian Dollar rally has taken USD/CAD into a key near-term support zone and we’re looking for a reaction down here today. Get your $USDCAD technical analysis from @MBForex here: https://t.co/xfYtytf4wF https://t.co/qfWjha3h37
  • Gold Price Outlook: Gold Goes Overbought, Finds Fibonacci Resistance https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/01/Gold-Price-Outlook-Gold-Goes-Overbought-JS-Finds-Fibonacci-Resistance.html https://t.co/dDQOzcMPxc
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.93% 🇨🇦CAD: 1.44% 🇳🇿NZD: 1.42% 🇪🇺EUR: 0.26% 🇯🇵JPY: 0.20% 🇨🇭CHF: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GhC3QOpAvG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.19% Gold: 0.56% Oil - US Crude: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WWjnR6G4UC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.70%, while traders in US 500 are at opposite extremes with 77.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Pw2G0PKgZJ
  • The US Congressional Budget Office has updated its economic forecasts. Says it could take 10 years to recover from the Coronavirus impact, reducing real GDP by potentially 3% or $7.9tln through 2030
Dollar Tries to Renew Uptrend, SPX 500 Grinds Against Support

Dollar Tries to Renew Uptrend, SPX 500 Grinds Against Support

2013-08-30 04:17:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar is attempting to renew its long-term advance while the SPX 500 is working through multi-month rising trend support.

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 took out range top resistance at 10760 to test the 23.6% Fibonacci expansion at 10796, a barrier reinforced by the top of a falling channel set from early July. A break higher exposes the 38.2% level at 10886. The 10760 level has been recast as near-term support.

Forex_Dollar_Tries_to_Renew_Uptrend_SPX_500_Grinds_Against_Support_body_Picture_5.png, Dollar Tries to Renew Uptrend, SPX 500 Grinds Against Support

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 grinding lower through supports at a pair of trend lines set from the November 2012 swing bottom. Near-term resistance is at 1646.20, the intersection of the first layer of trend line support and the 23.6% Fibonacci retracement. A break above that exposes the 38.2% level at 1658.30. Secondary trend line support is now at 1629.00, with a move below that eyeing the August 28 low at 1626.60.

Forex_Dollar_Tries_to_Renew_Uptrend_SPX_500_Grinds_Against_Support_body_Picture_6.png, Dollar Tries to Renew Uptrend, SPX 500 Grinds Against Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Shooting Star candlestick pattern below resistance at 1440.23, marked by the intersection of a rising channel top and the 100% Fibonacci expansion, hinting at a move lower ahead. Near-term support is at 1400.72, the site of the 76.4% Fib and the channel bottom, with push beneath that initially exposing the 61.8% level at 1376.28. Alternatively, a reversal above resistance eyes the channel top at 1454.91, followed by the 123.6% expansion at 1479.74.

Forex_Dollar_Tries_to_Renew_Uptrend_SPX_500_Grinds_Against_Support_body_Picture_7.png, Dollar Tries to Renew Uptrend, SPX 500 Grinds Against Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS The appearance of a Triangle chart pattern preceded upward continuation as expected. Near-term resistance is now at 111.10, the 38.2% Fibonacci expansion, with a break higher exposing the 50% level at 113.85. A Shooting Star candlestick warns of a pullback however. Initial support is at 107.70, marked by the Triangle top and the 23.6% level.

Forex_Dollar_Tries_to_Renew_Uptrend_SPX_500_Grinds_Against_Support_body_Picture_8.png, Dollar Tries to Renew Uptrend, SPX 500 Grinds Against Support

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.