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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDdK93P https://t.co/ZE0Hgn9PCM
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/GFx3b1W0OD
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment. https://t.co/C7DHnPIeuU https://t.co/K2835aP57Z
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi4143uT https://t.co/zTpqrFIZfk
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin https://t.co/mPiZMs8eYH
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium https://t.co/ieHojAC7b5
US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Upswing Unravels, 2-Month Down Trend Resumes
  • S&P 500 Hits 4-Week High as 1700 Figure Returns to Focus
  • Gold Prices Recoil from $1400/oz, Challenge Trend Support

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 – A break below a counter trend line support underpinning the upswing over the past month suggests the downtrend initiated at the July swing high as resumed. Sellers now aim to challenge the 38.2% Fibonacci expansion at 10673, with a break below that targeting the 50% level at 10631. Near-term resistance is at 10726, the 23.6% Fib.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_5.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

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 vaulted higher from support in a region bracketed by a pair of trend lines set from the November 2012, taking out the 23.6% Fibonacci expansion at 1662.10 to challenge the 38.2% level at 1684.10. A break above this barrier aims for the 1700.00 figure and the 50% Fib 1701.80. The 1662.10 level has been recast as support.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_6.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices pulled back to support marked by the bottom of a rising channel set from the late-June swing bottom and a horizontal pivot barrier at 1347.52. A break below that broadly aims for the 1300/oz figure. Near-term resistance is at 1415.33, the 38.2% Fibonacci retracement.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_7.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern at resistance in the 109.66-110.32 area, marked by the February 2012 closing high and the 50% Fibonacci expansion. Near-term support is at 106.04, the 23.6% Fib, followed by a rising trend line at 104.20.Initial resistance is at 108.40, the 38.2% level.

Forex_US_Dollar_Crumbles_Anew_SPX_500_Jumps_to_4-Week_High_body_Picture_8.png, US Dollar Crumbles Anew, SPX 500 Jumps to 4-Week High

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