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
Bearish
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
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
Mixed
USD/JPY
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
More View more
Real Time News
  • The $USD may return to the offensive as markets flee to cash amid fears of deep global recession thanks to the still-raging #coronavirus outbreak. Get your US Dollar update from @IlyaSpivak here: https://t.co/g1us4ZbYR5 https://t.co/detT6m6ZKo
  • The #Dow Jones, S&P 500 and #DAX 30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish. Get your market update from @ddubrovskyFX here:https://t.co/DdCUyoGSmL https://t.co/NQtbwy5Brg
  • Reports that London-based fund managers have discussed long market closures with the Bank of England are unlikely to bear fruit, but that they happened at all may boost already-crowded haven trades. Get your EUR/CHF market update from @DavidCottleFX here:https://t.co/mernf5MDH3 https://t.co/1rzQT6ClCY
  • $AUD chart positioning suggests prices have set a swing top near the 0.62 figure. Re-engaging the long-term downtrend against $USD may follow. Get your AUD/USD market update from @IlyaSpivak here:https://t.co/OIEDlId6HZ https://t.co/CzqJf3wsgh
  • The $USD could be on the verge of regaining upside momentum against ASEAN FX such as the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit. Will the Philippine Peso follow? Find out from @ddubrovskyFX here:https://t.co/cBzPejcNHu https://t.co/4fcImOiSzD
  • $NZD chart positioning suggests the downtrend against its US namesake may be resuming but trader sentiment studies flash warning sign for sellers.Get your NZD/USD market update from @IlyaSpivak here:https://t.co/NUHD43A8C9 https://t.co/K7l3Ju0GP0
  • The Federal Reserve has made a powerful statement about its commitment to shoring up offshore $USD funding markets through the #coronavirus spread. Get your market update from @DavidCottleFX here:https://t.co/fLZjxjr4L9 https://t.co/UdRor0d92U
  • The #Euro has dropped through support guiding it higher from late-March lows, suggesting that the end of a corrective rebound has given way to downtrend resumption. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/gpKowYNmGi https://t.co/CY7RuZf91s
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/Q3sPmP2rya #tradingstyle https://t.co/ayjehPGEeT
  • $USDCAD came close to taking out the 17-year-high just a few weeks ago, but this was followed by an aggressive pullback down below the 1.4000 handle.Get your USD/CAD technical analysis from @JStanleyFX here: https://t.co/aWmL2rlWzG https://t.co/cauVFdBxsd
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
Share:

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

News & Analysis at your fingertips.