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
Bullish
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.54% Silver: 0.77% Gold: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3CdfglYP4g
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/yuEA4wdlS9
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.17% 🇨🇭CHF: -0.48% 🇯🇵JPY: -0.61% 🇬🇧GBP: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hOyPH71ZfE
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.85% France 40: 1.47% US 500: 0.46% Wall Street: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UxILaRvSdH
  • 🇨🇭 CHF Retail Sales Real (YoY) (FEB), Actual: 0.3% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/6k1KCuxr50 Some of the topics discussed were: - #coronavirus economic impact - #Fed #QE as catalyst for AUD rise - scope for renewed #USD gains
  • RT @DailyFXEspanol: Análisis del $XAUUSD: El precio del oro se estanca, ¿qué nos dice el gráfico? #trading #covid19 https://t.co/7x2Zdt0AnA…
  • USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Jan 22, 2020 when USD/CAD traded near 1.31. A contrarian view of crowd sentiment points to USD/CAD weakness. https://www.dailyfx.com/sentiment https://t.co/KjIkTKOFmC
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/JVzLj6lON7
  • European Opening Calls From IG: #FTSE 5558 -0.10% #DAX 9865 +0.50% #CAC 4394 +0.35% #AEX 476 -0.08% #MIB 16974 +0.60% #IBEX 6749 +1.34% #OMX 1457 +0.52% #STOXX 2779 +0.49%
US Dollar Chart Setup Favors Gains After Pull-Back

US Dollar Chart Setup Favors Gains After Pull-Back

2013-09-09 05:01:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

  • US Dollar May Be Set to Resume Uptrend After Pullback
  • S&P 500 Attempting to Carve Out Base at Key Support
  • Gold Prices Poised to Overtake $1400/oz Figure Again

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

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

US DOLLAR TECHNICAL ANALYSIS – Prices appeared to have overturned a two-month down trend last week with a break above channel top resistanceset from July’s swing high. Initial resistance was met at 10798, the 23.6% Fibonacci expansion, with a pullback from this barrier now producing a retest of the channel top (10711). A push below that exposes the August 12 low at 10652. Alternatively, a reversal back above resistance aims for the 38.2% Fib at 10888.

Forex_US_Dollar_Chart_Setup_Favors_Gains_After_Pull-Back_body_Picture_5.png, US Dollar Chart Setup Favors Gains After Pull-Back

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 – An attempt to build meaningfully higher from a support region bracketed by a pair of trend lines set from the November 2012 continues. Near-term resistance is at 1658.30, the 38.2% Fibonacci retracement, with a break above that targeting the 50% level at 1668.10. Initial trend line support is now at 1653.80, followed by the outer barrier at 1637.70.

Forex_US_Dollar_Chart_Setup_Favors_Gains_After_Pull-Back_body_Picture_6.png, US Dollar Chart Setup Favors Gains After Pull-Back

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS The formation of a Bullish Engulfing candlestick pattern above support marked by the bottom of a rising channel set from late June hints at gains ahead. Initial resistance is at 1396.41, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1419.89. Channel support is now at 1363.03.

Forex_US_Dollar_Chart_Setup_Favors_Gains_After_Pull-Back_body_Picture_7.png, US Dollar Chart Setup Favors Gains After Pull-Back

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance in the 109.66-110.32 area, marked by the February 2012 closing high and the 50% Fibonacci expansion. A break above that exposes the 61.8% level at 112.23. Near-term support is at 108.40, the 38.2% Fib, followed by the 23.6% expansion at 106.04.

Forex_US_Dollar_Chart_Setup_Favors_Gains_After_Pull-Back_body_Picture_8.png, US Dollar Chart Setup Favors Gains After Pull-Back

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

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.