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
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
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.00% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.50% 🇨🇦CAD: -0.87% 🇦🇺AUD: -1.05% 🇳🇿NZD: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aZNugjVOT2
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.78% US 500: -0.85% FTSE 100: -1.28% France 40: -1.62% Germany 30: -1.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/y08VtV4cJy
  • Equities are broadly weaker this morning as Joe Biden hinted at tax cuts while introducing a new stimulus package last night. Get your stock market update from @HathornSabin here: https://t.co/8L3lZeZbbK https://t.co/X0sHgN1IwF
  • Looks like the $EURUSD (the Dollar) is making a go of it. Both the relative appeal of faster growth potential in the US and the spark of risk aversion we have today pitching favor to the Dollar. Terrible day - end of week - for a critical transitional move though https://t.co/Sb5IZE6F0C
  • US Indices are heading lower today after misses on key data prints. DOW -1.19% NDX -1.20% SPX -1.19% RUT -1.74% $DOW $QQQ $SPY $IWM
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: -0.55% Oil - US Crude: -2.14% Silver: -2.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UlhX3chZWU
  • 🇺🇸 Business Inventories MoM (NOV) Actual: 0.5% Expected: 0.5% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-01-15
  • $EURUSD briefly fell below 1.2100 for the first time since December 10th. $EUR $USD https://t.co/yVqkPtN0Cc
  • 🇺🇸 Michigan 5 Year Inflation Expectations Prel (JAN) Actual: 2.7% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2021-01-15
  • 🇺🇸 Michigan Inflation Expectations Prel (JAN) Actual: 3% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2021-01-15
Dollar Chart Hints at Gains Ahead, SPX 500 Breakout Proves False

Dollar Chart Hints at Gains Ahead, SPX 500 Breakout Proves False

2013-09-04 00:10:00
Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Chart Setup Argues for Uptrend Resumption
  • S&P 500 Bounce and Upside Breakout Now Appears False
  • Gold Rebound Looks to be Corrective for the Time Being

To receive Ilya's analysis directly via email, please SIGN UP HERE

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

US DOLLAR TECHNICAL ANALYSIS – Prices appear to have overturned a two-month down trend with a break above channel top resistanceset from July’s swing high. Buyers now aim to challenge the 50% Fibonacci retracement at 10828, with a push beyond that aiming for the 61.8% level at 10870. Near-term support is at 10785, the 38.2% Fib, followed by the channel top (now recast as support at 10763).

Forex_Dollar_Chart_Hints_at_Gains_Ahead_SPX_500_Breakout_Proves_False_body_Picture_5.png, Dollar Chart Hints at Gains Ahead, SPX 500 Breakout Proves False

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 ANALYSISYesterday’s upside reversal now appears to have been a false breakout, with prices tumbling back below the 23.6% Fibonacci retracement (1646.20) into the support region bracketed by a pair of trend lines set from the November 2012. The lower support boundary is now at 1633.30, with a push beneath that eyeing the August 28 low at 1626.60. Alternatively, a move back above 1646.20 targets the upper trend line at 1649.50.

Forex_Dollar_Chart_Hints_at_Gains_Ahead_SPX_500_Breakout_Proves_False_body_Picture_6.png, Dollar Chart Hints at Gains Ahead, SPX 500 Breakout Proves False

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned lower as expected, taking out support at the bottom of a rising channel set from early August to expose the 23.6% Fibonacci retracement at 1373.79. A bounce from this support is seeing prices retest the channel bottom (1427.44) as resistance, with a break above that eyeing the August 28 high at 1433.61 anew. Alternatively, a reversal below 1373.79 targets the 38.2% level at 1336.79. On balance, the bounce appears corrective for now.

Forex_Dollar_Chart_Hints_at_Gains_Ahead_SPX_500_Breakout_Proves_False_body_Picture_7.png, Dollar Chart Hints at Gains Ahead, SPX 500 Breakout Proves False

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices narrowly edged above resistance at 108.40, the 38.2% Fibonacci expansion. Buyers are now eyeing the 109.66-110.32 region, marked by the February 2012 closing high and the 50% level, with a push beyond that targeting the 61.8% Fib at 112.23. Near-term support is at 106.04, the 23.6% expansion.

Forex_Dollar_Chart_Hints_at_Gains_Ahead_SPX_500_Breakout_Proves_False_body_Picture_8.png, Dollar Chart Hints at Gains Ahead, SPX 500 Breakout Proves False

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